|Date||Status||Stake Acquired||Deal Price||Deal Type||Currency Used|
|January 2002||Completed||100%||$15,100,000||Acquisition||Cash, Stock|
Pijnenburg Securealink, Inc.
|Financials for Target: Pijnenburg Securealink, Inc.||Transaction Multiples||Transaction Multiples w/ Max. Contingency|
|Total Assets 2002||$3,800,000||EV / A||3.97x||EV / A|
|Stockholder's Equity 2002||N/A||EV / SE||EV / SE|
|Revenues 2002||$8,700,000||EV / R||1.74x||EV / R|
|Net Income (Loss)||N/A||EV / E||EV / E|
|Cash Flow||N/A||EV / CF||EV / CF|
|EBITDA||N/A||EV / EBITDA||EV / EBITDA|
|Operating Income (Loss)||N/A||EV / OI||EV / OI|
|The transaction was financed using $10.6 million in SafeNet common stock, $2 million cash, $2 million convertible 3-year note at 5%, and $450,000 transaction costs.|
|Business Description for Buyer: SafeNet, Inc.|
SafeNet, Inc. is a privately-held company that operates in the computer equipment industry. SafeNet, Inc. headquarters are located in Belcamp, Maryland.