A $5m cyber security business that specializes in pillow bandit hardware and software will buy the company of the infamous “Pillows Bandit” group.
Security software company Nptel has purchased the pillow bandits software and hardware, which was used by criminals to infiltrate and steal the identity of a number of banks.
“It’s a very good business,” Mr Smith said.
The acquisition is being made at a valuation of $25m, but it is believed to be far less than the $50m the group had set for its next-generation pillow banditter device.
Mr Smith said he was delighted with the purchase and believed it would “help us further disrupt” the pillowbandit world.
He said he believed the new company could help Nptels customers, who have been victims of pillow banditts, more quickly and easily secure their personal data.
Nptel’s acquisition of the pillow bandits software, including their hardware, would mean the company’s customers would be able to “better protect themselves, more securely, from a wide range of threats and attack vectors,” Mr Brown said.
“We’ve never had such a strong sense of confidence in our ability to protect ourselves,” Mr Thompson said.
Nptels chief executive Mr Thompson says Nptell’s next generation pillow banditor will be faster, easier to use and better.
“What we are looking to do is improve security, be more agile and more efficient and also provide more control over the business,” he said.
The acquisition of Nptells latest pillow banditer will come as a blow to the Pillow Bandit group, which is still operating, despite a $250m settlement by the Federal Government and the State Government.
“There is a great deal of anger around this group and we want to make sure we are the last one standing,” Mr Cook said.
Mr Cook said the pillows bandit group had been “shattered” by the sale of its software to NptEL.
“They are still operating and they continue to engage in criminal activities,” he told the ABC.
“So we will continue to do the work to dismantle them.”
The Pillowbandits software has also been used to infiltrate the banking systems of Australia’s biggest banks, as well as several governments and other institutions.
Mr Smith’s purchase of Niptel’s business and its future is expected to close in a few weeks.