Symantec spends $1.28 billion on VeriSign identity assets

Symantec spends $1.28 billion on VeriSign identity assets

Symantec has agreed a $1.28 billion cash deal to acquire VeriSign's identity and authentication business and a majority stake in the Californian security firm's Japanese business.

Assets snapped up by Symantec include VeriSign's Secure Sockets Layer (SSL) certificate services, Public Key Infrastructure (PKI) services, and the VeriSign Identity Protection (VIP) authentication and trust businesses.

The vendor says its ambition is to enable a new vision of computing founded on identity protection, in which businesses, assets and individuals safely transact across an array of digital channels, from social networks to cloud-based infrastructures.

Enrique Salem, president and CEO, Symantec says: "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."

The agreement is subject to customary closing conditions, including regulatory approvals, and is expected to close in the September quarter.

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