2003 Archives

One Equity Partners acquires Betrusted, third-party identity management subscriptions providor, from PricewaterhouseCoopers

FEBRUARY 6, 2003

Transaction Will Allow beTRUSTed to Continue Development As A Leading
Global Provider of Security, Identity Management and Trust Services

NEW YORK, Feb. 6, 2003 – One Equity Partners, Bank One’s private equity group,announced today that it has acquired beTRUSTed, PricewaterhouseCoopers’ third-party identity management subscription service provider. Terms were not disclosed.

Established by PricewaterhouseCoopers in 2000, beTRUSTed operates state-of the-art trust centers in the United States and United Kingdom and provides a growing range of identity management services to Global 2000 organizations in the Americas, Europe, Middle East and Africa as well as the Asia-Pacific region. These services are considered critical to the implementation of secure, low-cost communications and transaction processing over the Internet. beTRUSTed, which began as a PKI certificate authority, has evolved over the last 18 months into a leading industry-focused identity solutions and trust services provider. It now operates a number of authentication, directory management, document workflow and secure storage technologies, integrating these into industry-relevant solutions for the financial services, healthcare, telecommunications and government sectors. The operation runs high security certification authority data centers in Columbia, Md., in the United States and Bedfont Lakes in the United Kingdom.

“The purchase of beTRUSTed is part of One Equity Partners’ strategy of acquiring and growing businesses that provide mission-critical technology services to Global 2000 companies. With nearly $30 million in capital committed to the business, we are poised to leverage beTRUSTed’s strengths in the financial services and healthcare markets in particular to assume a global leadership position in the provision of identity management services,” said Rick Smith, a partner at One Equity Partners and beTRUSTed’s new chairman. “We were attracted to beTRUSTed by the high quality of its client base, its outstanding operational capabilities, the business strategy developed by its management team, and its reputation for unsurpassed quality in the services it delivers.”

“The market and the regulatory environment have evolved since we established
beTRUSTed,” said John Bromfield, leader of PricewaterhouseCoopers’ Global Risk Management Solutions practice and former chairman of beTRUSTed. “In selling the business to One Equity Partners, we selected an owner that meets all of our criteria – financial resources, a good track record in growing technology services businesses and, most importantly, a real understanding of its value proposition and client needs.”

Most of beTRUSTed’s senior executive team will remain with the business. John Garvey, formerly a PricewaterhouseCoopers partner, will become beTRUSTed’s Global CEO.

About beTRUSTed

beTRUSTed (www.betrusted.com) is a leading global provider of security, identity management and trust service solutions. Its industry and technical expertise ensures rapid delivery with significant reductions in capital expenditure and operating costs for its clients.

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwcglobal.com) is the world’s largest professional services organization. Drawing on the knowledge and skills of more than 125,000 people in 142 countries, we build relationships by providing services based on quality and integrity.
PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.