London – August 9, 2010 - VeriSign, Inc., (NASDAQ: VRSN) announced today the completion of the sale of its Authentication Services business to Symantec Corp. (NASDAQ: SYMC) for approximately $1.28 billion in cash subject to adjustments related to working capital.
As part of the transaction, which was originally announced on May 19, VeriSign sold to Symantec its Secure Sockets Layer (SSL) encryption certification services business, its managed Public Key Infrastructure (PKI) platform and its ownership stake in VeriSign Japan.
VeriSign retains its Naming Services business, which contributed approximately $168 million of the company's revenues in the quarter ended June 30, 2010.
"With this transaction completed, VeriSign is now focused on the growing Internet infrastructure services business, where we plan to build on our expertise and record of success as the longtime operator of the .com and .net domain infrastructures," said Mark McLaughlin, VeriSign president and CEO. "We will continue the growth strategies related to our Registry services and Network Intelligence and Availability services by leveraging our existing infrastructure capabilities for new services, expanding internationally and pursuing new top-level domain opportunities."
VeriSign, Inc. (NASDAQ: VRSN) is the trusted provider of Internet infrastructure services for the networked world. Billions of times each day, VeriSign enables companies and consumers all over the world to connect online with confidence. Additional news and information about the company is available at www.verisign.co.uk.
Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve risks and uncertainties that could cause VeriSign’s actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, the uncertainty of future revenue and profitability; potential fluctuations in quarterly operating results due to such factors as the inability of VeriSign to successfully develop and market new products and services and customer acceptance of any products or services, including those mentioned herein, increasing competition and pricing pressure from competing services offered at prices below our prices; and the uncertainty of whether VeriSign will achieve its stated objectives. More information about potential factors that could affect the company's business and financial results is included in VeriSign, Inc.'s filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2009, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.
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