Verisign Buys Net Security Firm, Secureit

Computergram International, July 7, 1998

Digital certificate software company VeriSign Inc, has acquired privately held internet security operation SecureIT Inc in a $69m all-stock deal. SecureIT Inc, based in Norcross, Georgia was founded in November 1996 and provides internet security services, including architectural consulting, integration, testing and education to enable the secure deployment of electronic commerce and communications applications.

Mountain View, California-based VeriSign will offer SecureIT's services through its direct and indirect sales channels. SecureIT will add VeriSign OnSite - the company's digital certificate system that enables organizations to set up as certificate authorities - to its suite of products. The acquisition will add another 50 people to VeriSign's 200 staff and give it access to SecureIT's 300 strong customer base. VeriSign's director of corporate marketing, Anil Prereira, said the purchase will enable VeriSign to provide its customers with the ability to integrate applications with the public key infrastructure PKI created in OnSite. SecureIT will assume the VeriSign name in the coming months. It has some 10 offices across the US, and Prereira said it is likely that VeriSign will consolidate both companies sites, to avoid duplication. VeriSign will account for the transaction as a pooling of interests.