Thursday, August 5, 2010

St. Bernard Software Buys Red Condor

San Diego-based St. Bernard Software, a developer of backup software and related products, announced Wednesday that it has acquired substantially all of the assets of Red Condor, a provider of email security products. The deal was worth around $845,000, and was made up of 2,416,272 restricted shares of St. Bernard's restricted common stock. St. Bernard said it has offered employment to Red Condor's 34 employees. The firm also assumed $500,000 in accounts payable, $220,000 in short term debt, and $50,000 in accrued vacation, along with $700,000 in accounts receivable.

---