DigiCert to Acquire Website Security/PKI Solutions of Cybersecurity Firm Symantec.
MANews-(C)2009-2017
8 August 2017 - Utah, US-based SSL-certification authority DigiCert Inc. has agreed to acquire the website security and related PKI solutions of California, US-based cyber security company Symantec Corp. (NASDAQ: SYMC) in a cash and equity transaction, the company said.
Under the terms of the agreement, Symantec will receive approximately USD 950m in upfront cash proceeds and approximately a 30% stake in the common stock equity of the DigiCert business at the closing of the transaction.
The addition of Symantec's website security solutions to DigiCert's offerings will provide customers with an enhanced technology platform, customer support and innovations.
DigiCert will gain capabilities to take advantage of growth opportunities in IoT and bring new approaches to the SSL market. DigiCert will continue to operate from its headquarters in Lehi, Utah and will employ over 1,000 professionals.
Symantec said transitioning its website security and related PKI solutions to DigiCert allows the company to sharpen its enterprise focus on delivering protection for the cloud generation through Symantec's integrated cyber defense platform.
The transaction, which has been unanimously approved by the Symantec board of directors, is expected to be completed in 3Q18, subject to the satisfaction of customary closing conditions.
Symantec Corp. offers strategic, integrated solutions to help organisations defend against sophisticated attacks across endpoints, cloud and infrastructure. Symantec operates a civilian cyber intelligence network.
DigiCert, backed by Thoma Bravo, is a provider of scalable security solutions for a connected world. DigiCert...
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