Symantec is set to acquire security software vendor VeriSign's SSL business, allowing it to expand its services into business authentication software.
The acquisition, worth $1.28 billion, will involve Symantec taking control of VeriSign's Secure Sockets Layer (SSL) certificate services, public key infrastructure (PKI) services, and identity protection and authentication service.
Symantec will also get a major stake in VeriSign's Japanese unit.
VeriSign technology will allow Symantec to provide enterprises with identity-based security software for web applications, allowing secure online access to data and services for employees, customers and partners.
Enterprises have been struggling to deal with the increased security risk posed by a growing number of mobile devices being used to access corporate accounts. Enrique Salem, president and chief executive of Symantec, said: “We believe the solution to this dilemma lies in the ubiquity of identity-based security.”
The acquisition furthers Symantec's bid to become a world leader in the security software market, expanding its already large product portfolio.