Symantec Buys VeriSign’s Authentication Business (SYMC, VRSN)

Symantec Corp. SYMC has agreed to acquire VeriSign’s VRSN authentication unit. The deal is expected to be worth $1.28 billion. Symantec President and Chief Executive, Enrique Salem, said, “Security technology is fragmented. Now our customers will have one way of managing all of security. Now we will be able to protect you and your information.” Authentication business accounted for 40 percent of Symantec’s revenue in 2009. Salem further added, “VeriSign has done a lot to promote trust. We will extend that notion of what sites you can trust by making sure there is no malicious code and that passwords are stronger. Our goal is to create the most trusted brand for protecting identities.”