Net security contract for Baltimore

By DAILY MAIL REPORTER
Updated:

 

Stand by for excitement at software house Baltimore. It has been selected by Identrus, the banking consortium, to supply Internet security software.

The initial contract covers a pilot scheme, but Identrus plans a full roll-out next year.

Its members include Barclays, Deutsche Bank, Citigroup and Chase Manhattan. Their combined market worth tops £300bn and hundreds more banks are likely to join.

Baltimore chief executive Fran Rooney says systems for each bank will cost $500,000 (£320,000).

Even where Baltimore sells through consultants, it should still collect a $250,000 fee.

Major customers are also likely to adopt the system of 'digital passports'. Up 92 1/2p at 877 1/2p, Baltimore is valued at a modest £260m and plans a fundraising.

After the Identrus coup, a US bid must be a possibility.

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