RIM’s $132 million dollar takeover bid for Missussaua based encryption company Certicom has been approved by shareholders yesterday. RIM has previously increased its offer from $1.50 to $3.00 a share after VeriSign Inc. entered the bidding with a $2.10 per share offer. 95% of Certicom shareholders voted in favor of accepted RIM’s most recent offer. It seems unlikely there will be any last minute bids for the company and the purchase should be closed by Monday.
RIM has used Certicom’s software for encryption in its Blackberry smart phones for years. Its expected that the Certicom takeover will offer RIM significant cost savings and additional revenue through the licensing of Certicom’s cutting edge encryption software.