Symantec Acquires VeriSign's Identity/Authentication Business

Symantec has signed a deal to acquire VeriSign's Identity and Authentication Business, including its Secure Socket Layer (SSL) Certificate Services, for $1.28 billion in cash.

Altogether, the Symantec-VeriSign deal will give the security giant VeriSign's  SSL Certificate Services, Public Key Infrastructure, VeriSign Trust Services and VeriSign Identity Protection Authentication Service. Under the terms of the agreement, Symantec will acquire specific VeriSign assets, including the majority stake in VeriSign Japan, for $1.28 billion in cash, but could be subject to customary closing conditions such as regulatory approvals. The deal is expected to close some time during the September quarter.

VeriSign executives said that the deal "marked a milestone in the company's history," while hinting at the ongoing trend of market consolidation that made it challenging for standalone products to experience market growth. "The security industry is consolidating, and customers benefit when authentication services are part of a broader offering, which means our SSL, PKI, and VIP products would best be integrated with other security services and applications."