Symantec confirms VeriSign deal

Deal done

Symantec has done a deal with VeriSign to buy its security business for $1.28 billion (0.89 billion).

The company will take over the identity and authentication areas including VeriSign's Secure Sockets Layer (SSL) certificate services, Public Key Infrastructure (PKI) services, the VeriSign Trust services and the VeriSign Identity Protection (VIP) authentication service as well as have the majority stake in VeriSign Japan.

Rumours had been circulating throughout the week that VeriSign was looking for a buyer and Symantec was leading the race, however the deal was only confirmed today.

"With the anonymity of the internet and the evolving threat landscape, people and organisations are struggling to maintain confidence in the security of their interactions, information and identities online," said Enrique Salem, president and chief executive of Symantec, 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 jeopardising their privacy."

Add on top of that, companies need to give employees access to their network through devices of their own choice - and Salem believes the best way forward is with the two companies together as one.

"With the combined products and reach from Symantec and VeriSign, we are poised to drive the adoption of identity security as the means to provide simple and secure access to anything from anywhere, to prevent identity fraud and to make online experiences more user-friendly and hassle-free," he added.

The deal is expected to be completed by September and will include the transfer of 900 of VeriSign's 2,000 staff to Symantec, meaning there is likely to be layoffs.

Jennifer Scott

Jennifer Scott is a former freelance journalist and currently political reporter for Sky News. She has a varied writing history, having started her career at Dennis Publishing, working in various roles across its business technology titles, including ITPro. Jennifer has specialised in a number of areas over the years and has produced a wealth of content for ITPro, focusing largely on data storage, networking, cloud computing, and telecommunications.

Most recently Jennifer has turned her skills to the political sphere and broadcast journalism, where she has worked for the BBC as a political reporter, before moving to Sky News.