GTO shares are down 10% this year on growth prospects. This could be a pretty savvy buy after several recent high-profile data breaches. SafeNet currently provides data protection solutions including encryption technologies and authentication systems that protect 80 percent of intra-bank transfers.
The companies’ specialties complement each other, he said. Gemalto focuses on security for access points — devices like phones and payment terminals. SafeNet focuses on securing in-network data in locations like data centers and the cloud. Panjwani, a 12-year SafeNet employee, was elevated to CEO this summer. The company in June named him to its board of directors and gave him the title of president and CEO. He replaced former CEO Dave Hansen, who left for what the company called personal reasons.