VeriSign, Inc. (NASDAQ:VRSN) , the leading provider of intelligent infrastructure services for the Internet and telecommunications networks, today announced that it has acquired Reston, VA-based security intelligence firm iDEFENSE for approximately $40 million in cash.
iDEFENSE is a leader in providing comprehensive, actionable intelligence regarding network-based security threats and vulnerabilities to the world's largest financial services firms, government agencies, retailers and other large enterprises. The company's multi-lingual network of more than 200 research contributors in over 30 countries offers early and unique insight into the cyber underground and previously unknown software vulnerabilities. The iDEFENSE research product portfolio includes iAlert Daily Delivery and FLASH Reports, Weekly Threat Reports and Focused Intelligence Reports that customers use to modify security infrastructure and respond to threats on a real-time basis.
"Network perimeters are expanding to include customers, partners and remote employees, so enterprises must leverage the most advanced security intelligence to protect customer data and corporate assets," said Judy Lin, executive vice president and general manager, VeriSign Security Services. "The acquisition of iDEFENSE expands the VeriSign suite of managed security services, providing customers with additional capabilities with which to proactively protect their networks from vulnerabilities and attacks."
The addition of iDEFENSE will augment the comprehensive VeriSign(R) Managed Security Services (MSS) offering and represents an expansion of the company's ability to monitor and assess security threats in real time. VeriSign will retain the iDEFENSE employee base, and iDEFENSE will assume the VeriSign name, continuing to market the iDEFENSE suite of intelligence services.
"We are pleased that iDEFENSE has joined the VeriSign family, and we look forward to providing customers of both companies with our combined value and strength," said John Watters, iDEFENSE CEO. "Our iDEFENSE intelligence-gathering capabilities, coupled with the unique intelligence VeriSign already gathers from its MSS business and operation of core Internet technologies, will enable us to provide more comprehensive, actionable intelligence to our customers before attacks strike." Watters will continue to lead the VeriSign iDEFENSE Research team.
The acquisition is being accounted for as a purchase transaction and has been approved by the boards of directors of both companies. Revenue and earnings contribution from the acquisition will not be material to the company's 2005 financial results.