After a day of rumors, Symantec confirms plans to buy VeriSign's identity and authentication security business and outlines its strategy. The deal, expected to close later in 2010, follows other moves by VeriSign to trim down its security business.
Twenty-four hours after acquisition
rumors hit the press,
Symantec announced it has signed a definitive
agreement to buy VeriSign's identity and authentication business.
will pay $1.28 billion,
and will acquire VeriSign Trust Services along with
VeriSign's SSL (Secure Sockets Layer)
certificate services, PKI (public-key
infrastructure) services and the VIP
(VeriSign Identity Protection) Authentication Service.
According to Symantec, the acquisition will ultimately "help
businesses incorporate identity security into a comprehensive
framework ... and securely adopt new computing models," including
cloud computing and mobile computing.
"With the anonymity of the Internet and the evolving threat landscape,
people and organizations are struggling to maintain confidence in the security
of their interactions, information and identities online," Enrique Salem, CEO
of Symantec, said in a statement. "At the same time, people's personal and
professional lives have converged and they want to use their various digital
devices to access information wherever they are without jeopardizing their
privacy ... We believe the solution to this dilemma lies in the ubiquity of identity-based
To that end, Symantec plans to combine VeriSign's SSL
with Symantec Critical System Protection or Protection
Suite for Servers to "help organizations ensure a higher level of security
on their Web servers." In addition, Symantec said it would use VeriSign
VIP to complement the Identity Safe technology in Norton products and
VeriSign's SSL business to "become the leading source of trust online."
sold its managed security services
business to SecureWorks and its security
consulting business to AT&T in 2009. The sell-off was part of a move by
VeriSign to focus on its Internet registry business.
The deal with Symantec is expected to close later in 2010.