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As Samsung slug it out with Apple in the Courts, Apple has moved to deal what could be a fatal blow for the Korean Company by acquiring smartphone encryption and fingerprint authentication security company AuthenTec for an estimated $350 million.According to sources, Samsung was planning on using AuthenTec security in their smartphones. Analysts believe the move could set Samsung back.
AuthenTec is one of twelve purchases that Apple has made the past five years.
According to the New York Times, William Blair analyst Anil Doraldla: “Mobile devices are becoming more Internet and data centric, which means they are no different in some ways than a PC, which exposes them to risks related to security. By acquiring this company, Apple is basically going after the security portfolio.”
He said that Apple aims to prevent malware and viruses from penetrating its devices. It wants to keep its consumers, especially businessmen, safe from software threats since Apple will soon introduce mobile payment services. In the near future, instead of signing off to confirm a purchase, customers will just need to have their fingerprint scanned.
Shortly after the aquisition was announced, two law firms revealed they are investigating the acquired company’s board of directors for potential public undervaluations prior to its sale to Apple. Even the allegation of such impropriety could delay the acquisition of the company, according to federal rules. Neither company has released a statement on the accusations.
According to one of the investigating law firms, Levi & Korsinsky, the investigation is centering on whether the board of directors “breached their fiduciary duties to AuthenTec stockholders by failing to adequately shop the Company before entering into this transaction, and whether Apple is underpaying for AuthenTec shares, thus unlawfully harming AuthenTec stockholders.”
