VeriSign Completes Acquisition of GeoTrust
MOUNTAIN VIEW, CA., September 5, 2006 – VeriSign, Inc., (NASDAQ:
VRSN), the leading provider of intelligent infrastructure services for
Internet and telecommunications networks, today announced the successful
completion of its acquisition of GeoTrust,
a provider of identity verification and network security solutions.
The acquisition enables GeoTrust’s extensive customer
base and well developed channel of more than 9,000 direct resellers
in more than 140 countries to benefit from VeriSign’s deep SSL
Certificate heritage and global support network.
The purchase price of the acquisition is approximately
$125 million and is being accounted for as a purchase transaction.
The transaction is not material to VeriSign’s current Q3 financial guidance
as provided on its July 20, 2006 earnings call. VeriSign expects the
acquisition to be accretive to earnings per share in 2007. Additional
financial information on the acquisition will be provided on the Q3
2006 earnings call.
For more information on VeriSign SSL
offerings, please go to:
http://www.verisign.com/products-services/security-services/ssl/index.html
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.
For more information, contact:
Media Relations: Monisha Khanna, mkhanna@verisign.com,
650-426-4522
Investor Relations: Tom McCallum, tmccallum@verisign.com,
650-426-3744
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 uncertainty
of future revenue and profitability and potential fluctuations in quarterly
operating results due to such factors as the inability of VeriSign to
successfully market the combined companies' services and customer acceptance
of the combined companies' services; the risk that the expected synergies
resulting from the combination will not materialize; the incurrence
of unexpected costs integrating the businesses; increased competition
and pricing pressures; and the inability of VeriSign to successfully
develop and market new products and services and customer acceptance
of any new products or services. 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 statement after the
date of this press release.
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