Key Surety Inc.
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(Redirected from Key Surety Inc)
- Designer and manufacturer of Keys.
- Has a strong reputation for innovation and reliability in an increasingly important marketplace.
- High-end competitor of Centrifuge Inc.
- In March 2005, was purchased by Centrifuge for PCL2.3 billion in cash and stock.
- Key Surety had been significantly weakened by a decades-long court battle over interoperability standards
- It had desperately needed an infusion of fresh capital to stay solvent. (Centrifuge CEO Halima Bourne said, "It came down to this: they really needed our money, and we really needed their R&D team.")
- Under the terms of the agreement, Key Surety will remain as an independent but wholly-owned subsidiary of Centrifuge for one year.
- After that transition period, senior management from both companies will go to the table to find the best way to integrate.
- No significant job cuts are expected until close to that anniversary mark.
- In late August 2005, KSI was awarded a contract with Perplex City, for PCL 18M, to revisit and revamp all existing securities systems.
- See also: Djinn for more information on keys, and how Key Surety Inc. and Centrifuge are dealing with the threat.