DigiCert Inc., a Lehi-based global provider of scalable identity and encryption solutions for business, has made major waves in the digital security sector with its acquisition of the website security and public key infrastructure (PKI) operations of cybersecurity giant Symantec Corp. The move has nearly tripled the size of DigiCert, according to industry analysts.
With the acquisition, DigiCert’s number of employees ballooned from around 300 to over 1,000, said company spokesman Jeff Chandler. DigiCert also secured a portion of Symantec’s massive, global customer base, including top enterprises like international banks and retailers, and can now boast locations in California and internationally. Symantec is best known for its Norton brand of cybersecurity products.
“With the transition of SSL (secure sockets layer) validation, issuance and other processes to DigiCert, Symantec customers have a clear path forward to maintain trust in their SSL certificates,” DigiCert said in a release announcing the acquisition.
“Today starts an exciting era for the current customers and partners of both Symantec and DigiCert,” said DigiCert CEO John Merrill. “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 (Internet of things). 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. DigiCert is prepared for this opportunity.”
“The addition of Symantec Web PKI solutions to DigiCert will provide a customer experience that is second to none. We are excited for Symantec customers to benefit from solutions that help advance and strengthen website security,” said Greg Clark, Symantec CEO. “We expect Symantec and DigiCert customers to benefit from focused investment in the next generation of security solutions for our respective customers, and today’s action helps advance this important objective.”
“The completion of this transaction provides DigiCert the opportunity to extend its world-class customer service and industry-leading management tools to a much larger population helping to deliver the best customer experience and enhanced security,” said Robert Sayle, a partner at Thoma Bravo, a major stockholder at DigiCert.
The agreement for DigiCert to acquire the Symantec website security division was first announced in August. Since that time, DigiCert has worked to address browser requirements for Symantec-issued certificates and, with a solution in hand, is ready to proceed with plans to replace affected certificates, at no cost and without interruption to Symantec customers.
As previously announced, DigiCert will continue to be led by Merrill and an executive team with significant industry experience. Under the terms of the agreement, Symantec received $950 million in upfront cash proceeds and will retain approximately a 30 percent stake in the common stock equity of DigiCert. Symantec expects to primarily use the transaction proceeds to repay debt.