Cybertrust - History

History

CyberTrust was originally founded as a subsidiary of GTE Corporation's Contel Federal Systems, Inc. Then, in 2000, GTE sold CyberTrust to Ireland-based security company Baltimore Technologies plc for $150 million dollars. In 2003, Baltimore Technologies started to divest itself from its operating companies and sold all digital certificate operations to Betrusted Holdings, Inc.. A year later, in September 2004, Betrusted announced its intention to merge with former competitor TruSecure Corporation and, in November, the resulting company was incorporated in Virginia under the name CyberTrust. Verizon Business then acquired Cybertrust in 2007, reuniting it with its former parent (Verizon was created by the merger of GTE and Bell Atlantic). Financial terms were not disclosed.

Cybertrust used its majority shareholding to perform a share dilution of the remaining Ubizen shares, forcing it to acquire the remaining shares and delist Ubizen in 2005.

Betrusted was originally created by PwC and sold to OneEquity Partners, a division of Bank1. OneEquity Partners also purchased 90East and SecureNet (who bought the PKI component of Baltimore and the gateway operations of iSecure).

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