RIM Raises Bid For Certicom Group

RIM has had its eyes on Mississauga based cryptology company Certicom for some time now. In December 2008 RIM filed its formal bid for the cryptology company offering $1.50 cash per share. However, RIM was not the only company bidding on Certicom, California based VeriSign Inc. worked out a friendly takeover of the company for $2.10 a share. Yesterday RIM made an offer of $3.00 a share, which Certicom has until February 12th to accept. Certicom’s shares closed at $3.20 yesterday, up 36.2%.

Certicom was founded in 1985 by three professors from the University of Waterloo. The company holds over 350 patents covering a variety of security, cryptology, and software optimization technologies. RIM began using Certicom technology in its Blackberry’s in 2000, and the two companies have been in merger discussions since 2007.