Symantec has bought the VeriSign’s security business, comprising its identity and authentication operations.
The security firm shelled out $1.28 billion in the buyout, and takes a majority stake in VeriSign Japan. It is expected the deal will be closed in September.
Symantec appears to be angling the deal as a boost to its cloud and mobile security offerings, as well as bolstering indentidy protection.
"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," said Enrique Salem, president and CEO of Symantec. "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.
"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. 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."