BioNet Systems, LLC, Sells Net Nanny Internet Safety Solution in $5.3 Million Transaction
MWW/Savitt for BioNet Systems via BizWire
ISSAQUAH, Wash.--(BUSINESS WIRE)--April 29, 2004--
Company to Focus on BioPassword(R), the Leading Keystroke
Biometrics Strong User Authentication Technology
BioNet Systems, LLC, a provider of software solutions that secure
access to critical data and network resources, announced today that it
has completed the sale of its Net Nanny software products to LookSmart
Ltd., in a $5.3 million cash and stock transaction. Net Nanny, the
first parental Internet safety and control software, was introduced in
December 1994, and has become the world's brand-name leader in
consumer Internet filtering.
"BioNet Systems has long prided itself on addressing the growing
need to control access to mission-critical computer data and give
users the freedom to choose options that match their individual needs
and value systems," said Mark DiSalle, chief executive officer of
BioNet Systems. "While Net Nanny has been a very successful product
for BioNet Systems and for the millions of parents who rely upon it,
given the heightened demand and market growth for security solutions
worldwide, we are turning our complete focus to the increased
development, marketing and sales efforts for BioPassword, our patented
strong user authentication biometric technology."
LookSmart, a leader in commercial search services and a developer
of innovative web search solutions, plans to not only continue the
existing Net Nanny consumer sales channel but to also integrate its
web search technology into Net Nanny in order to offer a
family-friendly experience in the area of online searching.
BioPassword is a patented, software-only solution that uses
keystroke dynamics, a security technology based on biometrics, to
accurately identify a user by the way they type. BioPassword solves
the two main problems associated with this popular security standard:
password stealing and sharing. BioPassword solutions are licensed to
thousands of users at over thirty global organizations through its
large network of technology partners and resellers. Major customers
include market leaders in the financial, healthcare, government, and
media and entertainment industries.
Biometric technologies are automated methods of recognizing a
person based on physiological or behavioral characteristics. By 2005,
worldwide spending on IT security will grow to $37 billion, according
to technology research firm, IDC, and the International Biometric
Group, LLC, states that worldwide biometric sales are expected to top
$4 billion by 2007. Until recently, fingerprints, facial recognition
and iris scans were considered the major biometric products for strong
user authentication. However, BioPassword's keystroke dynamics
solution has several advantages over other biometric offerings: it is
a software-only solution that requires no additional hardware to
purchase, install, maintain, and replace; it requires no specialized
knowledge to use or maintain, it is a layer of security that can be
used in conjunction with other security mechanisms; and it is the most
cost effective method of two-factor authentication available on the
market today.
BioNet Systems' management team, led by founder and chief
executive officer Mark DiSalle, has a strong track record of
identifying and acquiring cutting-edge technologies and developing
them to their full potential. In 2002, BioNet Systems acquired the
assets of Net Nanny Software International, Inc., moving them out of
bankruptcy and firmly into profitability while continuing to grow the
technology and the brand. In 2002, BioNet Systems also acquired all
rights to the technology, trade secrets and patents for BioPassword,
and it intends to apply similar techniques and resources to expand the
market share for this innovative product.
About BioNet Systems, LLC
BioNet Systems, LLC, a privately held company located in Issaquah,
Washington, is a provider of software solutions that secure access to
critical data and network resources, while improving process
efficiencies and decreasing IT costs. The company's flagship product,
BioPassword(R), is a patented software-only solution that uses
keystroke dynamics, a security technology based on biometrics, to
accurately identify a user by the way they type. Product offerings
include BioPassword(R) 4.6 for enterprise networks, BioPassword(R) SDK
2.0 for developers, and BP-127(TM) BioPassword(R) Logon Protection 4.5
for individual workstations.
About LookSmart Ltd.
LookSmart is a leader in commercial search services and a
developer of innovative web search solutions. The Company provides
consumers with highly relevant search results through a distribution
network that includes LookSmart.com and other top portals and ISPs,
while delivering targeted sales leads to online businesses. LookSmart
is based in San Francisco, California. For more information, visit
www.looksmart.com