VeriSign Sells Network Solutions Business
VeriSign on Thursday sold its Network Solutions business unit, however it retains the .com and .net registry.VeriSign Inc. on Thursday divested itself of its Network Solutions business unit. However, the company will retain the Internet registry service for the .com and .net domain names. The Mountain View, Calif., companys Network Solutions businesses, which VeriSign acquired in 2000, fell into two categories: providing the Internet name registry for .com and .net domains; and selling registrations and other services, such as site hosting and business e-mail accounts. It is this latter business that VeriSign today sold to Phoenix-based Pivotal Private Equity for about $100 million.
VeriSigns registry business remains with the company and is renamed Naming and Directory Services, a part of VeriSigns Internet Services Group. In a statement, Stratton Sclavos, chairman and CEO of VeriSign, said: "We believe that this transaction will strategically position VeriSign to focus exclusively on our core mission of providing critical infrastructure services for the Internet and telecommunication networks, while allowing Network Solutions to pursue its own independent strategy in the web presence market."