Business Services Industry
EuroTrust A/S sells SSL certificate business to VeriSign Inc
Nordic Business Report, March 2, 2004
NORDIC BUSINESS REPORT-2 March 2004-EuroTrust A/S sells SSL certificate business to VeriSign Inc(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com
The Denmark-based pan-European security products and services provider EuroTrust A/S said on Monday (1 March) that it had agreed to sell its Secure Socket Layer (SSL) certificate business EuroTrust PKI to the US company VeriSign Inc for USD8.5m.
EuroTrust said that it would retain its virus protection and other Internet-related operations and its media operations.
"This deal offers us means to substantially improve our balance sheet and frees up both financial resources and our proven sales and marketing strength for our other business operations," said Aldo Petersen, CEO of EuroTrust.
"Since we have also entered into royalty-generating licensing partnerships for most of our other proprietary Internet services, we can now devote real emphasis to our profitable and growing media operation," Petersen added.
In connection with the deal EuroTrust is also to repurchase 2,748,720 of its ordinary shares from VeriSign for approximately USD1.14m.
One US dollar (USD) is worth approximately 0.538 British pounds (GBP).
((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))
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