Symantec has announced the acquisition of VeriSign’s identity and authentication business for $US1.28 billion in cash..

There are more than one million web servers using VeriSign SSL certificates to provide the VeriSign check mark which signifies the authenticity of the websites that users visit and assures them that any sensitive information they share with that site will be encrypted during online transactions. The addressable market for the server and user authentication segment is estimated to reach $US1.6 billion by 2013.

VeriSign also provides its VeriSign Identity Protection (VIP) user authentication service, a cloud-based VIP offering that helps organisations doing business online confirm the identities of their customers, employees and partners through user-owned digital certificates that reside on a card, token or other device such as a mobile phone.

Enrique Salem, president and CEO, Symantec, said, “IT is faced with the challenge of giving users the appropriate access, while ensuring that corporate data is not at risk. We believe the solution to this dilemma lies in the ubiquity of identity-based security.

"With the combined products and reach from Symantec and VeriSign, we are poised to drive the adoption of identity security as the means to provide simple and secure access to anything from anywhere, to prevent identity fraud and to make online experiences more user-friendly and hassle-free.”