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AUTH, a stock we discussed in early June, has been acquired by Apple. |
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Released on Saturday, July 28, 2012, 10:20 PM ET
Pittsburgh, PA (SpeculatingStocks) - AuthenTec, Inc. (NASDAQ:AUTH) closed up $3.35 to $8.42 on Friday after it was announced earlier that day that Apple (NASDAQ:AAPL) would be acquiring the company. The deal is valued at $356 million or $8.00 a share.
AUTH is a leading provider of mobile and network security with product offerings that include smart sensors including biometric sensors, identity management and embedded security.
On June 6th, we discussed AUTH and its potential that the next iPhone (5) could have a biometric sensor. AAPL one upped this and bought AUTH outright.
At the time we discussed AUTH, it was trading at around $4.85. The patent-rich security company has been growing solidly the past three years with revenue moving from $34.0 million in 2009 to $44.6 million in 2010 to $69.7 million in 2011. However, the company had yet to find profitability and it probably played into their decision to be bought out by AAPL.
Interesting enough, Samsung recently went with AuthenTec to help enhance enterprise security in their new Android smartphones and tablets. This is a strategic move by Apple in many ways, and Samsung now probably feels that they should have acquired AUTH.
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