Continuing an acquisition spree, Symantec said today it has agreed to buy the authentication business of VeriSign for $1.28 billion in cash.
The deal includes the secure socket layer, certificate services, public key infrastructure, VeriSign Trust Services, and VeriSign Identity Protection Service. All of those technologies are aimed at making sure people are who they say they are online. Since malware and identity theft have largely robbed the internet of trust, the goal of this deal is to help restore people’s faith in online services. Mountain View, Calif.-based Symantec wants people to have simple and secure access to their information from anywhere.
Enrique Salem, president and chief executive of Symantec, said that authentication services help corporations grant users access without putting corporate data at risk. A lot of emphasis will be put on making sure that mobile devices can access data in a secure way, as well as safely accessing data stored in the cloud. Included in the deal is VeriSign’s majority stake in VeriSign Japan. The deal is expected to close in the quarter ending Sept. 30.