VeriSign To Purchase SSL Customer Contracts of EuroTrust

Wednesday 3 March 2004 13:01 CET | News

VeriSign, has entered into a definitive agreement to purchase the SSL customer agreements of EuroTrust PKI A/S, the division of EuroTrust A/S that resells VeriSign services in Austria, Switzerland, Finland, Norway, Sweden, and Denmark.

Once closed, the transaction will give VeriSign a direct selling presence in the Nordic region, and will further the companys expansion into Europe through its headquarters in Geneva, Switzerland and offices in Berlin, Germany and London, England. Under the terms of the agreement, VeriSign will pay EuroTrust A/S $8.5 million U.S. in cash and will assume the obligations of EuroTrust PKI A/S SSL contracts. As a condition to closing the transaction, VeriSign will sell its entire stake in EuroTrust for approximately $2 million to certain third parties. The transaction is expected to close the second quarter of 2004. VeriSign anticipates it will gain approximately 18 employees and will lease a portion of the facility presently occupied by those employees.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce