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Hewlett-Packard Buys Security Technology

Compiled From Wire Services

Hewlett-Packard Co. said Thursday it had bought SecureWare Inc.’s security technology that safeguards electronic financial transactions.

SecureWare, based in Atlanta, helped create the security technology Security First Network Bank, the first federally approved bank on the Internet. The company also has worked previously with HP to develop security products for the military.

Terms of the deal were not disclosed. HP said it will acquire a “substantial portion” of SecureWare’s assets. Meanwhile SecureWare will concentrate on complementary technologies and services.

“SecureWare has worked closely with HP for many years, and if there’s one company whose Internet security and strategy can make the most of what we have, it’s HP,” said Michael C. McChesney, SecureWare’s chief executive officer.

The deal illustrates the increasing push of high-tech companies into business tied to the Internet, the global mesh of computer networks.

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