[ISN] Platinum Buys Security Vendor for $500 Million

___Platinum Buys Security Vendor for $500 Million___

Platinum Technology Inc., a company built upon a long string of
acquisitions, returned to its old ways yesterday when it bought security
vendor Memco Software for $500 million. 

The tools and systems management vendor will exchange stock worth $26 per
share for the Israeli company. Platinum intends to include Memco's
security capabilities, which include access control, single-password
logons, and intrusion detection, with its ProVision management framework.
That will give customers a single point for all administration and
security functions, Platinum officials say. "We saw that if we were going
to be a significant player in the systems-management space, we had to
understand security," says Michael Matthews, Platinum's executive VP of
marketing. 

Memco will flesh out Platinum's security development and support services
with 200 security experts. The security vendor will also broaden
Platinum's reach with more than 200 customer sites, including Charles
Schwab, GTE, Motorola, MCI, and Guardian Life. 

Platinum already had a relationship with Memco, reselling its security
software, which has been integrated with ProVision. Platinum chairman Flip
Filipowski is a director on Memco's board, but abstained from discussions
and voting on the purchase.  -- Jeff Sweat


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