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Strategic Consulting Services to Give VeriSign Customers Competitive Edge in Bringing Advanced Mobility Solutions to Market
MOUNTAIN VIEW, CA, Nov. 27, 2006 – VeriSign, Inc., (NASDAQ: VRSN), the leading provider of intelligent infrastructure for the networked world, today announced it has signed a definitive agreement to acquire inCode Wireless, a global business and technology consulting firm.
“With a focus on next generation mobility solutions, inCode professionals have a firm grasp of all aspects of the wireless marketplace – from business strategy to emerging trends,” said Stratton Sclavos, Chief Executive Officer and Chairman of VeriSign. “Combined with VeriSign’s market-leading portfolio of managed communications and content offerings, we plan to offer end-to-end solutions that enable our customers to launch compelling services that drive new revenue streams and improve customer loyalty.”
inCode has become a global force in wireless business and technology consulting, with 14 offices in 10 countries. The company provides strategy consulting services to nearly every major wireless, wireline, cable operator and telecom equipment manufacturer, as well as leading enterprises.
“By joining VeriSign, inCode is able to take our renowned industry thought leadership to the next level,” said John Donovan, Chairman of the Board and Chief Executive Officer of inCode. “VeriSign’s strength in communications solutions and our global consulting teams will help customers accelerate their transformation to a next generation digital world.”
The acquisition purchase price is approximately $52 million and is being accounted for as a purchase transaction. Additional information will be provided following the closing of the transaction; however, revenue and earnings contributions from the acquisition will not be material to VeriSign’s 2006 financial results.
About VeriSign
VeriSign, Inc. (Nasdaq: VRSN), operates intelligent infrastructure services
that enable and protect billions of interactions every day across the
world’s voice and data networks. Additional news and information about
the company is available at www.verisign.com.
VRSNF
For more information, contact:
VeriSign Media Relations: Lisa Malloy, emalloy@verisign.com, 202-270-7600
VeriSign Investor Relations: Nancy Fazioli, ir@verisign.com, 650- 426-5146
inCode Media Relations: René Link, rlink@incodewireless.com,
858-337-3300
Forward-Looking Statement
Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, the fact that the Board’s independent review and Securities and Exchange Commission (SEC) inquiry relating to the Company’s historical stock option grants and practices are ongoing, that the independent review and SEC inquiry may require further adjustments to the Company’s financial statements and that VeriSign cannot predict with certainty when it may be able to file any future SEC reports; the risk that proper accounting of any adjustments to the Company’s financial statements resulting from the independent review and SEC inquiry as finally determined by the Board, KPMG LLP and/or the SEC may differ from the accounting treatment upon which the assumptions and forward looking statements in this announcement are based; uncertainty regarding the tax treatment of any adjustments to the Company’s financial statements as a result of the independent review and SEC inquiry; uncertainty that the Nasdaq Listing Qualifications Panel will grant a favorable decision regarding a possible delisting of the Company’s common stock, and, if an unfavorable decision is rendered, VeriSign’s common stock will no longer continue to remain listed on the Nasdaq Global Market; the risk that the matters described in this press release could divert management's attention from operations; and the fact that expenses arising from the independent review and SEC inquiry, the restatement, related litigation and other associated activities are expected to be significant.
More information about potential factors that could affect the Company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2005 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.