DECEMBER 27, 2000
TEL AVIV, Israel--(BUSINESS
WIRE)--Dec. 27, 2000--Deloitte Touché Information Technology, of
the Deloitte Touch Israel Consulting Group, has signed a joint
venture agreement with Meganet Corporation, following a
comprehensive technical review by DT IT, in order to distribute
and apply the Virtual Matrix Encryption enabled applications-
developed by Meganet.
VME technology (Virtual Matrix
Encryption) is a core technology, considered today to be the
strongest encryption technology worldwide. Unlike other
encryption technologies (broken in the past), which operate by a
worldwide standard of 128 bit, VME is based on one million bit
standard and cannot be broken by any other computing power,
present or future.
According to Saul Backal,
Chairman & CEO of Meganet, combining VME based solutions for
info-security for Deloitte Touche's customers created a
``win-win'' situation for all parties concerned. Backal added
that the international info-security market, rolling to exceed
over 25 billions dollars, and combined with further e-commerce
development, is expected to reach some 250 billion dollars in
the foreseeable future.
According to Keren Shaked, CEO
of Deloitte Touch IT Israel, the cooperation with Meganet is
another step in the company's strategy attempting to grant its
customers the best comprehensive solution for info-security.
Recently, the firm entered as a partner to Avnet, a leading
consulting and integrator Data Security Company in Israel.
Protecting data, communications, and assets. Meganet Corporation is a client-focused
data and communications security company committed to the continual development of
revolutionary technologies and innovative information security
solutions. Meganet has developed a revolutionary symmetric encryption
algorithm coined as Virtual Matrix Encryption (VME). The power of VME
results from a unique data mapping technology that creates exceptionally
random cipher text and from its ability to use up to a million-bit key.
Meganet aims at propelling VME to be the industry's standard for
encryption. Established in 1997, Meganet is a privately held California
corporation headquartered in Los Angeles, Calif., with offices in New York
and Oregon. (URL: http://www.meganet.com)
About Deloitte Touche IT Israel
Deloitte Touche Information
Technology Israel offers overall IT solutions: choosing and
implementing ERP and CRM systems, e-Business project management,
implementing data warehouse systems and data security systems.
The company is part of Deloitte Touche Management Consulting
Saul Backal or
Michael M. Vaknin
16133 Ventura Blvd., Suite 640
Encino, CA 91436
Deloitte Touche IT Israel
1 Azrieli Center, Tel-Aviv 67021