Entrust Completes Capital Funding for Japan Subsidiary
Entrust Japan Becomes an Exclusive Distributor, Unveils Growth Plans with new President and COO
24 Jul 2002
DALLAS -- Entrust, Inc. [Nasdaq: ENTU], a leading global provider of Internet security solutions and services, announced today that it has completed the increased capital funding of Entrust Japan as part of a plan to increase its market presence in Japan. After the infusion of capital from Entrust, the new value of the company will grow to JPY 762,000,000. As part of the additional capitalization plan, Entrust has also completed the merger of its previously separate distribution channels for Entrust GetAccess, Entrust Authority and Entrust Entelligence products. Entrust Japan is now the exclusive distributor of both PKI and GetAccess products.
"Japan represents exciting growth opportunities for Entrust because of its high awareness and acceptance of the need for enhanced Internet security," said Bill Conner, chairman, president and CEO of Entrust. "While others are decreasing local investment, we are increasing our investment because we believe this will help customers create trusted e-business environments that will prosper in the new economy."
As part of its growth and investment plan, Entrust has appointed Brad Almond from Entrust headquarters in the U.S. to the position of president and COO of Entrust Japan. Additionally, several Entrust engineers have relocated to Tokyo to lead the technical team and staff a newly opened local development center. The local development center will double the size of the current technology staff and feature enhanced customer support, platforms and features specific to the Japanese market, along with engineers with access to source code for customized development.
"The capitalization increase provides us the ability to invest in this growing market. We are focusing our investment on localized products, pre and post sales technical support, and offering a broader set of professional services," said Almond, the company's new president and COO. "Entrust products and solutions are key to our customers' success in moving mission critical applications to the Web. As an exclusive distributor of Entrust products, we will have greater accessibility to Entrust solutions and technology resources to provide our customers with the solutions they want."
Other capital participators are Secom Co., Ltd. and Toyota Motor Corporation.
The existing shareholders of Entrust Japan include: NTT Data Corporation, Toyota Motor Corporation, Sony Corporation, Orix Corporation, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo Mitsubishi, Ltd., UFJ Bank, Mizuho Bank, Ltd., Nomura Securities Co., Ltd., Nippon Life Insurance Co., Sumitomo Life Insurance Co., and Meji Mutual Life Insurance Co.
About Entrust:
Entrust, Inc. [Nasdaq: ENTU] is a leading global provider of enhanced Internet security solutions and services that make it safer to do business and complete transactions over the Internet. Entrust has the industry's broadest set of identification, entitlements, verification, privacy and security management capabilities. More than 1,500 major corporations, service providers, financial institutions and government agencies in more than 40 countries use the privacy, security and trust provided through Entrust's portfolio of award-winning technologies. For more information, please visit http://www.entrust.com/