After all of the disagreements between Symantec and the browser community about their web security products and practices, the world has been wondering what Symantec’s next move would be. The answer was revealed in a press release on August 2, Symantec is selling its website security and related PKI solutions to DigiCert in an effort to improve the website security products and services available to customers around the world.
Symantec website security customers can look forward to positive changes in the coming year, and both companies are promising to work closely together to provide a seamless transition and uninterrupted service.
Symantec will receive $950 million along with common stock equity
The details of DigiCert’s acquisition revealed that Symantec will receive $950 million in cash initially. Symantec plans to use these cash proceeds to pay down debt on the close of the transaction, before they refocus their efforts on their other products and services. In addition to the upfront cash, Symantec will also receive 30% of DigiCert’s common stock equity.
Though they will retain this minority stake in the website security business, Symantec CEO stated that they can now sharpen their focus on Integrated Cyber Defense Platforms. Their website security business was a substantial source of income for Symantec, but the company expects the sale to promote growth over the next few years. Additionally, they have exciting plans for some of their own recent acquisitions, which include Fireglass and Skycure.
DigiCert will continue to operate out of their own headquarters in Lehi, Utah, but they will receive support from the Symantec offices in Mountain View. Many of the Symantec team members from their website security business will be joining the team at DigiCert, which both companies believe will provide customers with the best that each brand has to offer. They expect to employ around a thousand website security professionals once the deal is complete.
DigiCert’s acquisition is expected to alleviate browser trust issues
One of the biggest questions that come along with this deal is what it means for the browser trust issues with Symantec certificates, and DigiCert is expressing confidence that this acquisition will provide an adequate solution. They are communicating regularly with the browser community to announce their intentions and get feedback about how best to move forward and work to maintain trust in digital certificates.
This means that existing Symantec SSL certificate holders can stop worrying about the validity of their website security measures. DigiCert has a reputation for helping to improve industry best practices, and they plan to move customers to a new platform that will adhere to all of the industry standards and browser requirements necessary. Though the move to a new platform may have customers worried about continuity issues, DigiCert and Symantec are carefully planning to prevent service issues.
Symantec and DigiCert will work together to ensure smooth continuity
The deal between Symantec and DigiCert is expected to be completed by the end of the third fiscal quarter in 2018. Both companies agree that customer service will be one of the most important concerns during this transition, and both will do their best to make sure that it happens smoothly with as little interruption or inconvenience to customers as possible.
Not only will the move to a new platform solve trust issues and help DigiCert offer improved services, but they say it will also lay a foundation to promote innovations in the world of security certificates in the future. Though DigiCert stands to grow in a big way with this increase in resources and customer base, they are positive that they can maintain the same level of customer service and support that they are known for currently.
Overall, this agreement is expected to have positive results for everyone involved. Symantec can now focus their efforts on growth and innovation in new directions, and DigiCert will have a greatly increased set of resources and talent to continue improving the products and experiences for SSL and PKI customers. DigiCert and Symantec will continue to keep the public informed about when and how the transition will occur, along with anything that customers need to know about changes to their existing certificates and products.
