On Message with Ben Gross

Secure Computing, a San Jose, Calif.-based network security company best known for its firewalls, appliances, and Sidewinder product line, will pay $185 million in cash, 10 million shares of Secure Computing stock, and a $10 million note contingent on performance for CipherTrust, an anti-spam appliance vendor. Not a great exit for investors in that one — especially given today’s 36 percent drop in Secure Computing’s stock due to a miss of expected earnings.

But strategically, the deal probably makes sense. The anti-spam appliance market is crowded, and going public probably isn’t an option. Proofpoint, Mirapoint, Barracuda, and IronPort have all got to be thinking about their own futures this morning.

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