Verisign has acquired privately held security company Secure IT, bidding to extend its portfolio of digital certificates and public key infrastructure (PKI) services for Intranet, Extranet and ecommerce applications.
US based Secure IT offers a range of Internet security services and packaged security management tools, and it includes AT&T, First Union Corporation, General Electric and Reuters in its customer base.
Stratton Sclavos, president and chief executive of Verisign, said: "Our customers are accelerating deployment plans and they are looking for the kind of security expertise and implementation that Secure IT delivers."
According to Jay Chaudhry, chief executive of Secure IT, the companies? products, markets, customer focus and culture fit well. "Secure IT has firewalls, proxy servers, certificate-enabled Web servers and other security technologies. We think the natural next step is to expand the use of digital certificates and PKI to enable more advanced solutions such as virtual private networks and secure messaging," he said.
Verisign will offer Secure IT's services through direct and indirect sales channels and Secure IT's consultants will add Verisign Onsite to their suite of integrated security systems, promoting digital certificate and PKI-enabled applications to its customers.
Accounted as a pooling of interests, Verisign has issued 1.6 million shares of common stock to purchase Secure IT and it has assumed Secure IT's outstanding employee stock options.
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