Symantec sells website security solution to DigiCert for $950m

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fintech insurtech wealthtech regtech ai cybertech esg news

DigiCert has agreed a deal to acquire cybersecurity platform Symantec Corp’s website security and PKI solutions, in a deal worth around $950m.

Alongside the capital, Symantec will receive a 30 per cent stake of common stock in DigiCert. The company will use the capital to repay debt.

Symantec is a cybersecurity solution which helps organisations and individuals to protect their data from attacks across endpoints, cloud and infrastructure. The service is used across a range of sectors including financial services, cyber insurance, retail, healthcare and industrial control systems, among others. For financial institutions the platform helps protect customer data and their transactions.

DigiCert is a PKI-based security platform which helps businesses to safeguard their data. The solution offers data encryption, automated identity and authentication and a management platform to ensure customers are protected.

The deal will see Symantec’s SSL validation, issuance and other related processes transitioned to DigiCert. This will allow DigiCert to boost its customer services and management tools to a larger base of customers. The company will also look to boost its global footprint to Global 2000 enterprise, top retailers, banks, and technology firms.

DigiCert CEO John Merrill said, “For Symantec customers, they can feel assured that they will have continuity in their website security, and that we will provide a smooth transition. Our customers and partners will benefit from our accelerated investment in products and solutions for SSL, PKI and IoT. DigiCert will also lead to shape PKI security standards through our participation in industry standards bodies to ensure our customers stay at the forefront of security practices.”

The infrastructure and enterprise sector saw a huge downfall in funding during the third quarter of 2017, after investment was just under a billion less than the previous quarter. The global sector saw $750m invested across 45 deals, which makes it the lowest quarter of the year for the sector.

Copyright © 2017 FinTech Global

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