Gemalto, a digital security specialist, today announced it has signed a definitive agreement to acquire 100 percent of the share capital of SafeNet, a data protection and software monetization company, from Vector Capital for $890 million on a debt-free/cash-free basis, according to a press release.

U.S.-based SafeNet is one of the largest dedicated digital information security companies in the world, Gemalto said in the release. SafeNet technology protects more than 80 percent of the world's intrabank funds transfers. The company's 1,500-plus employees — including 550 cryptographic engineers — serve more than 25,000 customers, including both corporations and government agencies, in more than 100 countries.

Companies using SafeNet products include Banamex, Bank of America, Cisco, Dell, Hewlett-Packard, Kaiser Permanente, Netflix, Starbucks and other well-known names, according to the release. In 2013, SafeNet recorded revenues of $337 million and profit from operations of $35 million, and expects revenues of $370 million and profit from operations of $51 million for 2014. 

Gemalto said SafeNet will significantly reinforce its Identity and Access Management business once the acqusition is complete. It will become part of Gemalto's payment and identity segment, and will support its platforms and service activity.

"The opportunity to acquire SafeNet has come at exactly the right time, as we have just entered into our new multiyear development plan and there is a perfect fit between Gemalto's "security at the edge" and SafeNet's "security at the core" capabilities," Gemalto CEO Olivier Piou said in a statement. "This will enable us to further accelerate the deployment of strong security solutions in the enterprise sector, and expand our technologies and growth opportunities in protecting online access. Overall, our global leadership in digital security will be reinforced."