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ChosenSecurity Inc. of Newton has been acquired by California-based encryption software company PGP Corp. for an undisclosed amount.
In addition to ChosenSecurity, PGP bought the company’s subsidiary TC TrustCenter, based in Hamburg, Germany. The two companies provide a secure platform for electronic transactions in Internet or mobile environments, based on PKI (public key infrastructure) security services.
For its part, PGP Corp. holds the rights to one of the first public-key encryption standards, Pretty Good Privacy, which first saw use in the early 1990s for secure communications across bulletin boards, prior to the Internet.
Once the deal is closed, ChosenSecurity and TC TrustCenter will continue to sell and support their existing products and will work on new offerings that integrate with PGP’s product line, according to PGP officials. Rajiv Dholakia has been named the general manager of the newly formed PGP division that combines ChosenSecurity and TC TrustCenter.
In addition to Castile, ChosenSecurity was funded by Prism VentureWorks and .406 Ventures. The company raised a total of $14.5 million through two tranches of a Series A round. ChosenSecurity reports more than 3,500 customers worldwide.
ChosenSecurity was formed as a spinoff from Needham-based GeoTrust before California-based VeriSign Inc. acquired GeoTrust for $125 million in 2006.
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