Tectia Corporation (OMXH:TEC1V, formerly SSH Communications Security) may be returning to its roots. The founder and CEO Tatu Ylönen, who currently owns around 45% of all the shares, is making a public offer for the remaining shares in the company through Clausal Computing. The offer shall be 50 cents a share, which represents a 25% premium on Wednesday close. Ylönen returned as CEO in 2011 and has since reviewed the options for the company together with the other management.
Ylönen feels that the founder of SSH protocol is in such a phase of development, where it needs to refocus in a way that is not possible to do as a public company that needs to work in quarterly oriented manner. Tectia has been sliding for quite a while and has only been able to survive on past glory and previously gathered balance sheet strength. Much of that strength has already been handed out as repayments of principal in previous years.
The company is set for a rosy future with it's essential universal user key mananagement tool. Every large and medium sized company will need one.
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