Prophecy buys Snare developer InterSect

Prophecy buys Snare developer InterSect

Business software developer Prophecy International (ASX:PRO) has acquired a security software company in a cash-and-stock deal.

Prophecy announced it had purchased InterSect Alliance, a Canberra-based security event and log monitoring specialist, for $2 million in cash and 3 million Prophecy shares.

InterSect's flagship product is Snare Server, which provides agents for event monitoring, logging and analysis. The Snare solution is used by groups including the Commonwealth Treasury, NASA, the US army, Vodafone and Fujitsu.

The InterSect business will now be run through new Prophecy subsidiary InterSect Alliance International.

While announcing the deal on Friday, Prophecy estimated that the business will produce between $750,000 and $1 million in profit for FY12.

The company said the InterSect business fits with its new strategy of pursuing a smaller number of higher-value sales.

Prophecy will seek out new partners, in addition to InterSect's existing allies, to help promote the new business.

PRO shares jumped 20% in Friday's trading to $0.180.

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Tags securityMergers and acquisitionssoftwareProphecy InternationalASX:PROInterSect Alliance

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