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19 May 2010, 15:46

Report: Symantec to take over VeriSign's authentication business

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Symantec Logo According to a report by the Wall Street Journal quoting sources familiar with the matter, Symantec, the US security software vendor, is interested in acquiring VeriSign's authentication service business. The two companies are reportedly about to finalise a deal said to be worth $1.3 billion (€1 billion).

VeriSign's authentication business turn-over amounted to $102 million of a total revenue of $264 million in the first quarter of the current business year. VeriSign states that its current services include fraud protection, as well as authentication services to protect the online identities of customers, business partners and staff.

In November 2007, VeriSign said that it planned to refocus on its "core competencies". At the time, this included the .com and .net domain name registries as well as the security and identity protection services, but not units such as the ring tone business, which was sold to News Corp.

The New York Times writes that while the deal would be another step towards VeriSign focusing on its core business, it would allow Symantec to bolster its standing as the world’s biggest provider of technology security. In the past few years Symantec has continuously expanded its business areas via various company takeovers.

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