Owners of SafeNet Inc. to buy Aladdin Knowledge
The owners of Belcamp-based SafeNet Inc., the information security company, said they will acquire Israeli firm Aladdin Knowledge Systems in a $160 million deal. Vector Capital, the equity firm that took SafeNet private in 2007, has offered to pay $11.50 a share for Aladdin, which specializes in authentication, software rights management and content security. SafeNet employs 1,200 people, including more than 200 in Maryland. Aladdin, which has its headquarters in Tel Aviv, has 400 employees, most of them in Germany and Israel. Between them, the two companies have $500 million in revenue. SafeNet spokeswoman Donna St. Germain said yesterday that some Aladdin employees might be relocated to Maryland once the sale is final. The deal needs shareholder and regulatory approval. Shares of Alladin closed at $10.97 on the Nasdaq yesterday. The shares are up 14 percent since the deal was announced Monday.
UnitedHealth to set up new pay-rate database
CHICAGO: Ending a practice doctors say underpaid them and led to higher costs for patients, UnitedHealth Group agreed yesterday to pay $50 million to establish a new database that will be used to determine rates for patients who choose physicians outside of the insurance giant's network. Consumers know the so-called network as the preferred list of doctors. Patients can get discounts or lower-priced care if they find a doctor within the network. But allegations against the Minneapolis-based health insurer by New York Attorney General Andrew Cuomo said a UnitedHealth subsidiary known as Ingenix Inc. was rigged to limit payments to doctors and, therefore, forced consumers to pay more. Cuomo also alleged that there was a conflict of interest because UnitedHealth owns the database. When consumers visit an out-of-network physician, health plans are known to pay 80 percent of the reasonable and customary rate charged by doctors often in the same geographic area. The patient then pays the rest, which often totals less than what the doctor charges. Cuomo and doctor groups say a new nonprofit database will establish reasonable and customary rates. UnitedHealth provides health benefits to 26 million Americans. But because other health plans use the Ingenix database, Cuomo and the American Medical Association say the impact is much broader. "During these tough economic times, this agreement will keep hundreds of millions of dollars in the pockets of over 100 million Americans," Cuomo said in a statement.
Former Autodesk CEO to head troubled Yahoo
SUNNYVALE, Calif. : Yahoo Inc. has named former Autodesk CEO Carol Bartz as its new chief executive, ending a two-month search for the struggling Internet giant. She will replace Jerry Yang, Yahoo's co-founder, who said in November that he would step down after 17 months at the helm. Roy Bostock, Yahoo's chairman, said in a statement: "The board is united in its view that her energetic and decisive leadership style, coupled with a proven track record of driving growth, operational excellence and shareholder value, is exactly what Yahoo needs." Bartz, 60, led Autodesk, which makes design and imaging software, for 14 years. Annual revenue grew from $285 million to $1.5 billion by the time she left in 2006.
San Francisco Chronicle