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Symantec lays out $1.3bn to buy VeriSign's security business

Acquisition spree picks up pace

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Symantec has bought VeriSign's identity and authentication business for approximately $1.28bn in cash.

The deal, announced Wednesday, will see the security giant snapping up Verisign's Secure Sockets Layer certificate services, the Public Key Infrastructure services and VeriSign Identity Protection (VIP) authentication service business. A majority stake in VeriSign Japan is also included in the bundle.

Subject to regulatory approval, the deal is expected to close in Symantec's September quarter. Symantec said its latest acquisition will allow it to offer technologies that make it easier to adopt new computing models - from cloud computing to social networking and mobile computing to user-owned devices - without sacrificing security.

Symantec has a history of frequent acquisitions but has recently stepped up the pace of its buying. The VeriSign deal follows the $370m acquisition of PGP and Guardian Edge only last month. Integrating all its various acquisitions will be no easy task and might even result in a spot of indigestion for Symantec. ®

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