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PRNewswire: Cobalt Networks to Acquire Progressive Systems

Jul 18, 2000, 21:01 (0 Talkback[s])

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"Cobalt Networks, Inc. (Nasdaq: COBT), a leading provider of server appliances, today announced that it has signed a definitive agreement to acquire Progressive Systems, Inc., a privately held company that makes network firewall solutions and appliances."

"Cobalt Networks will acquire all outstanding stock and rights to acquire capital stock of Progressive Systems, Inc. in exchange for a combination of Cobalt common stock and cash of $11.0 million. Cobalt expects to account for the transaction as a purchase. Cobalt expects the deal to close in the third quarter, subject to customary closing conditions."

"As Web oriented commerce continues to surge upward, the demand for higher levels of security will increase," said Stephen DeWitt, president and CEO of Cobalt Network. "Adding Progressive's security technology to Cobalt's appliances will enable Cobalt to deliver enhanced security on its easy to use server appliances. This acquisition is yet another example of how Cobalt is addressing customer needs by incorporating applications, network services, and tools into one reliable, low-cost solution."

Press Release