The acquisition of the Greek Crypteia Networks by the multinational telecommunications giant, PCCW Global, is a vote of confidence in Greek innovation..
This is the arm of Hong Kong Telekom (HKT), which constitutes the OTE of the city of Hong Kong, and the purpose of the acquisition is to include the groundbreaking products of the Greek startup in its portfolio.
The acquisition price was not announced, but according to PCCW Global CEO Mark Halbfinger, it concerns 100% of the company's shares. He described the acquisition as an example of foreign investment in a technology that has been developed in Greece and in Greek innovation.
Crypteia is a new company, having only been founded in 2011. However, it has developed innovative solutions for secure communications that it provides in the form of a service (security-as-a-service). With these services, businesses can monitor potential digital threat issues both on their internal and external networks.
The company utilizes non-intrusive approaches in its solutions and, according to PCCW Global, will soon be patented. The concept of “non-intrusive” technology means that the utilization of the solution does not require additional computers and/or software from the customer, while it utilizes the data files that the companies themselves already produce. Its solutions, as stated by the head of the company, Yannis Giokas, have already been patented in the US Patent Office and the same is expected to happen soon with the corresponding offices in Europe, Japan and Korea.
[alert variation=”alert-info”][/alert]
Both PCCW and parent HKT are part of PCCW Limited, a diversified group with activities in telecommunications, IT, media and real estate. In 2013, the telecommunications (HKT) business alone generated total revenue of HK$20 billion (approximately €2 billion) and net profit before tax of HK$2.5 billion (€250 million). PCCW Global, as an arm of HKT, has developed an extensive telecommunications network around the world, mainly offering capacity to telecommunications providers.
Its network connects a total of 3,000 cities located in 130 countries. The company also operates a subsidiary in Greece since 2007, which is responsible for sales and support for most of the Balkan countries. Finally, PCCW Global is working closely with OTE and other organizations and businesses to lay a telecommunications cable (fiber optic) from the Indian Ocean to the Atlantic Ocean, via the Mediterranean.
Source: planet-greece.blogspot.com
