MOUNTAIN VIEW, Calif. and LEHI, Utah – August 2, 2017 – Symantec Corp. (NASDAQ:SYMC), the world’s leading cyber security company, and DigiCert Inc., a leading provider of scalable identity and encryption solutions for the enterprise, today announced an agreement under which DigiCert will acquire Symantec’s Website Security and related PKI solutions. Under the terms of the agreement, Symantec will receive approximately $950 million in upfront cash proceeds and approximately a 30 percent stake in the common stock equity of the DigiCert business at the closing of the transaction.
The addition of Symantec’s website security solutions to DigiCert’s offerings will bring together the industry’s top talent and provide customers with an enhanced technology platform, unparalleled customer support and market-leading innovations. DigiCert will gain capabilities to take advantage of growth opportunities in IoT and bring new approaches to the SSL market. DigiCert will continue to operate from its headquarters in Lehi, Utah and will employ over 1,000 professionals.
“Transitioning our Website Security and related PKI solutions to DigiCert allows us to sharpen our enterprise focus on delivering unparalleled protection for the cloud generation through Symantec’s Integrated Cyber Defense Platform. As our recently announced deals with Fireglass and Skycure demonstrate, we are accelerating the pace of innovation we bring to market through a combination of acquisitions as well as development from the ground up,” said Symantec CEO Greg Clark.
Clark added, “We carefully examined our options to ensure our customers would have a world-class experience with a company that offers a modern website PKI platform and is poised to lead the next generation of website security innovation. I’m thrilled that our customers will benefit from a seamless transition to DigiCert, a company that is solely focused on delivering leading identity and encryption solutions. Symantec is deeply committed to the success of this transition for our customers.”
“We look forward to building a great security company and supporting all of Symantec’s and DigiCert’s customers well into the future. We have assembled the best team in the industry to help us deliver even better security solutions and service to our customers,” said DigiCert CEO John Merrill. “DigiCert is committed to providing the market with innovative products, the highest level of trust, and experienced leadership in the SSL and PKI community. We are excited about the opportunities ahead, and will work toward a smooth transition for customers and employees of Symantec’s Website Security business.”
“We know the cyber security market well and have worked closely with DigiCert to achieve high growth and develop customer-friendly solutions,” said Robert Sayle, a Partner at Thoma Bravo, the private equity firm that has backed DigiCert since 2015. “With this transaction, DigiCert expands its incredible talent and experience to lead the next generation of global website security. We are excited to support this enhanced company as it serves its customers and pursues opportunities for innovation and growth.”
DigiCert will continue to be led by CEO John Merrill and an executive team with significant industry experience. Given the shared commitment to customer service, existing Symantec Website Security customers will be able to transition to a new platform that meets all industry standards and browser requirements and provides the foundation for future innovation in the Certificate Authority space for the benefit of customers.
The transaction, which has been unanimously approved by the Symantec Board of Directors, is expected to be completed in the third quarter of fiscal 2018, subject to the satisfaction of customary closing conditions.
J.P. Morgan Securities LLC is serving as financial advisor, and Fenwick & West LLP is serving as legal counsel to Symantec. Financing for the transaction was provided by UBS Investment Bank, Credit Suisse, Jefferies Finance LLC and Goldman Sachs Bank USA. UBS Investment Bank, Credit Suisse and Jefferies LLC are serving as financial advisors, and Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo and DigiCert.
Symantec Corporation (NASDAQ: SYMC), the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton and LifeLock product suites to protect their digital lives at home and across their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats.
DigiCert is a leading provider of scalable security solutions for a connected world. The most innovative companies, including the Global 2000, choose DigiCert for its expertise in identity and encryption for web servers and Internet of Things devices. DigiCert supports SSL/TLS and other digital certificates for PKI deployments at any scale through its certificate lifecycle management platform, CertCentral®. The company has been recognized with dozens of awards for its enterprise-grade management platform, fast and knowledgeable customer support, and market-leading growth.
Retrieved from: Symantec