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- Australian cloud computing solutions business Rhipe has acquired Network2share for $5 million
- Rhipe will pay $2 million upfront which will be used to repay the debt that has been accumulated in building Network2share’s SmartEncrypt product
- The acquisition will be exclusively available in the Asia Pacific via Rhipe’s Platform for Recurring Subscription Management
Australian cloud computing solutions business Rhipe has acquired Network2share for $5 million.
Rhipe will pay $2 million upfront which will be used to repay the debt that has been accumulated in building Network2share’s SmartEncrypt product.
The further considerations of $1 million each will be paid upon reaching sales of 10,000, 20,000 and 40,000 monthly licences.
When SmartEncrypt reaches 40,000 monthly licences the total consideration paid will be $5m
SmartEncrypt is security software which works with files in Dropbox, One Drive and other popular cloud storage services.
Rhipe plans on bundling SmartEncrypt with Microsoft Office365, Microsoft Azure, and other vendor software licenses.
SmartEncrypt allows companies to easily encrypt files and documents on-masse using simple-to-manage encryption keys.
This means that even if a network is breached by an unauthorised user, the files that they gain access to will be unreadable and unusable.
Rhipe is Asia Pacific’s leading cloud channel company providing technology partners with complete end-to-end cloud solutions, and helping them grow and thrive in the Cloud economy.
The acquisition will be exclusively available in the Asia Pacific via Rhipe’s Platform for Recurring Subscription Management.
Rhipe CEO Dominic O’Hanlon believes the acquisition of SmartEncrypt has been in the making for a while now.
“As ‘The Cloud Channel Company’ (Rhipe) Rhipe’s strategy has been to bring new products and services to market for our rapidly expanding reseller community,” he said.
SmartEncrypt CEO Regan McKay is excited to join Rhipe.
“My talented team and I are excited about joining Rhipe. We see the huge potential Rhipe brings to the continued development and commercialisation of the SmartEncypt platform,” he said.