Business Weekly - Cambridge, UK

nCipher is prepared to hoover up the remaining shares so it owns all the stock in the Chicago-based company and intends to repay $1.5m on a loan provided to Abridean by MMV Financial.

The companies believe they can jointly exploit nCipher’s sales channel and financial muscle to grow the combined business.

For the year to December 31, Abridean had sales of C$2,575,720, made a net loss of C$2,350,272 and had gross assets of C$1,250,200.

nCipher CEO Alex van Someren said: “Abridean has technology whose modularity and flexibility positions it to satisfy the emerging requirements for a broader approach to provisioning within security-sensitive organisations and it has a well-regarded software engineering team.

“The combination of identity management and cryptography will become the common mechanism by which organisations satisfy related audit and compliance requirements across the enterprise.”