VeriSign, NSI deal will form "trust utility"
- By Natasha Haubold
- Mar 09, 2000
Internet security provider VeriSign Inc. announced Tuesday it would acquire
Network Solutions Inc. for $21 billion in an effort to expand its e-commerce
The companies have worked together for several years, and company representatives
said the joining of the two companies was "a natural evolution for our businesses
and for the Internet."
Network Solutions is one of the largest domain name registrars in the country.
It also provides Internet technology services that assist in the management
of Web sites and information technology. VeriSign provides secure electronic
commerce and communications over the Internet.
"With Network Solutions as the gateway to establishing online identity and
Web presence, and VeriSign as the provider of Internet authentication, validation
and payment services, our combined company will serve as the trust utility
that will power the Internet economy," said Stratton Sclavos, president
and chief executive officer of VeriSign.
The merger, expected to be completed later this year, will enable the companies
to provide additional e-commerce services including:
* An online presence through domain name registration, global directory
listings, e-mail and basic Web site creation.
* Digital certificate-based authentication for secure Web site transactions,
e-mail and credit card payments.
* Virtual private networks for secure messaging and real-time validation,
as well as secure extranet services.
* Buyer and supplier credentials for trading, trusted directories, purchase
cards and digital receipts.