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VeriSign To Acquire GeoTrust

  • 18 May, 2006 09:48

<p>VeriSign, Inc. (Nasdaq: VRSN), the leading provider of intelligent infrastructure services for the Internet and telecommunications networks, today announced it has entered into a definitive agreement to purchase Needham, MA-based GeoTrust, Inc., a leading supplier of SSL and other solutions to secure e-business transactions, for approximately $125 million in cash. The acquisition is subject to regulatory approvals and other conditions and is expected to close in the second half of this year.</p>
<p>The acquisition of GeoTrust extends VeriSign’s mission to enable and protect all forms of networked interactions, and addresses the needs of an evolving SSL market. GeoTrust’s well developed channel of more than 9,000 direct resellers in more than 140 countries will complement VeriSign’s direct-sales SSL business, currently serving more than 3,000 enterprises worldwide.</p>
<p>“The acquisition of GeoTrust improves VeriSign’s ability to serve the reseller channel market with technologies and services that are specifically tailored to their needs,” said Judy Lin, executive vice president and general manager, VeriSign Security Services. “The successful channel business GeoTrust has built will benefit from our infrastructure and additional products. We look forward to leveraging the GeoTrust channel, technology and brand to expand on our existing SSL offerings.”</p>
<p>“As the market for SSL continues to grow among organisations of all sizes, VeriSign recognises the importance of a strong reseller channel to reach a broader range of customers,” said Neal Creighton, GeoTrust CEO. “GeoTrust customers and resellers are sure to benefit from VeriSign’s heritage in providing SSL and other network security solutions, as well as its global support network.”</p>
<p>The acquisition will be accounted for as a purchase transaction and is expected to be accretive to earnings per share in 2007. Additional financial information will be provided following the closing of the transaction.</p>
<p>For more information on VeriSign SSL offerings, please go to: http://www.verisign.com/products-services/security-services/ssl/index.html</p>
<p>About VeriSign</p>
<p>VeriSign, Inc. (Nasdaq: VRSN), operates intelligent infrastructure services that enable and protect billions of interactions every day across the world’s voice and data networks. Additional news and information about the company is available at www.verisign.com.au</p>
<p>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 and Section 21E of the Securities Exchange Act of 1934. 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 and potential fluctuations in quarterly operating results due to such factors as the inability of VeriSign to successfully market the combined companies' services and customer acceptance of the combined companies' services; the risk that the expected synergies resulting from the combination will not materialise; the incurrence of unexpected costs integrating the businesses; increased competition and pricing pressures; and the inability of VeriSign to successfully develop and market new products and services and customer acceptance of any new products or services. More information about potential factors that could affect the company's business and financial results is included in VeriSign'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, 2005 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statement after the date of this press release.</p>

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