Rainbow Technologies, Inc. today announced an aggressive growth strategy, commencing in January 2001, which places Rainbow`s core competencies into four business units. This move includes the creation of IVEA Technologies for products in eCommerce acceleration and performance enhancement, and the Digital Rights Management Group that focuses on hardware and software authentication and security products.
According to Rainbow President and CEO Walt Straub, the new plan is designed to maximize the company`s business opportunities to match Rainbow`s 40 percent revenue growth year to date. The new IVEA Technologies will focus on the development and marketing of the CryptoSwift eCommerce acceleration products. Rainbow`s Chief Technology Officer Shawn Abbott was named president of IVEA and Rainbow Executive Vice President Norm Denton will serve as chief operating officer. The new Digital Rights Management group will focus on the development and marketing of the iKey authentication tokens, Sentinel software tokens and software security solutions. Rainbow`s Chief Operating Officer Dr. Avi Margalith will serve as COO to the new Digital Rights Management group and Rainbow Mykotronx. Laurie Casey, vice president of strategic marketing, was named acting president of Spectria.
"Our shareholders, the board of directors and executive management team believe that the way to enhance shareholder value is to further delineate our business segments to give each business unit stronger focus," said Walt Straub, president and chief executive officer, Rainbow Technologies. "Rainbow has been profitable since 1986 and has grown every year since its inception. We have a solid balance sheet with a good cash position that will allow for further growth. We have an opportunity to grow even faster by segmenting our business units. We believe this is a positive change for Rainbow and its shareholders."
Rainbow anticipates creating as many as 100 new positions within these business units under the Rainbow corporate umbrella.
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