Apple Bids $356 million for Security Firm AuthenTec

Apple has made a bid to purchase AuthenTec, a company that develops security solution around its fingerprint reader technology. Apple is offering $8 per share for the company bringing the deal’s value to approximately $356 million.

AuthenTec currently sells its technology into the mobile and networking space and the move could be a step by Apple in providing authentification in its mobile devices such as the i{Phone and iPad as these are increasingly used as digital wallets and credit cards.

According to a blurb on the AuthenTec site the market for worldwide mobile payments is expected to grow from an estimated $240 billion this year to $670 billion by 2015, using data from Jupiter Research.

AuthenTec already has a wide range of offerings for the mobile payment space including products that are low powered and so ideal for smartphones. Current clients include Samsung which uses the technology in its smartphones and tablets as does Lenovo, and it already has a solution for Apple’s PCs

The deal needs to be approved by AuthenTec’s shareholders, having already received unanimous approval by its shareholders. The stock has surged since the bid was made public and Yahoo is reporting that the company can accept higher bids, but that it cannot solicit them. There is an $11 million breakup fee it would have to pay Apple if it does accept a higher bid.

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