Tuesday, May 18, 2010

Symantec to Acquire VeriSign Security for $1.28 Billion

Symantec agreed to acquire VeriSign's identity and authentication business, which includes the Secure Sockets Layer (SSL) Certificate Services, the Public Key Infrastructure (PKI) Services, the VeriSign Trust Services and the VeriSign Identity Protection (VIP) Authentication Service, for approximately $1.28 billion in cash.


Symantec's current portfolio and along with assets from VeriSign provide the depth and breadth of technologies to make identity-based security of information more universal and part of a comprehensive security solution. By combining VeriSign's SSL Certificate Services with Symantec Critical System Protection or Protection Suite for Servers, Symantec will help organizations ensure a higher level of security on their web servers as well as verify that security, providing users with the trust and confidence necessary to do business online.


VeriSign helps organizations validate the identity of users through its VeriSign Identity Protection (VIP) user authentication service that complements the existing Identity Safe capabilities within the Norton products. The cloud-based VIP service helps organizations doing business online confirm the identities of their customers, employees and partners through user-owned digital certificates that reside on a card, token or other device such as a mobile phone, ensuring that they are giving only legitimate users access to their information. VeriSign has already issued more than two million VIP credentials to individuals and has a network of hundreds of merchants.


Symantec said the combination of these businesses with its security expertise enables it to deliver on its vision "of a world where people have simple and secure access to their information from anywhere."


"With the anonymity of the Internet and the evolving threat landscape, people and organizations are struggling to maintain confidence in the security of their interactions, information and identities online. 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 jeopardizing their privacy," said Enrique Salem, president and CEO, Symantec. "At the same time, IT is faced with the challenge of giving users the appropriate access, while ensuring that corporate data is not at risk. We believe the solution to this dilemma lies in the ubiquity of identity-based security."http://www.symantec.com
http://www.verisign.com

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