Symantec intends to sell off its Website Security service to DigiCert in the third quarter of fiscal 2018.
Symantec intends to sell off its Website Security service to DigiCert in the third quarter of fiscal 2018.

SSL certification provider DigiCert will acquire Symantec Corporation's Website Security service and its related public key infrastructure (PKI) solutions for $950 million and a roughly 30 percent stake in DigiCert common stock equity. The companies expect the transaction to be completed in Q3 of fiscal 2018.

In March of this year, Symantec's cert business took a hit when Google Chrome developers said they would be immediately restricting transport layer security (TLS) certificates sold by Symantec-owned issuers, due to what they viewed as the repeated improper issuing of certifications.

In a joint press release published on both companies' websites, Symantec CEO Greg Clark said that shedding the SSL certificate encryption business will allow his company to "sharpen our enterprise focus on delivering unparalleled protection for the cloud generation."

"We carefully examined our options to ensure our customers would have a world-class experience with a company that offers a modern website PKI platform and is poised to lead the next generation of website security innovation," Clark added. "I'm thrilled that our customers will benefit from a seamless transition to DigiCert, a company that is solely focused on delivering leading identity and encryption solutions."

“We look forward to building a great security company and supporting all of Symantec's and DigiCert's customers well into the future,” said John Merrill, CEO of DigiCert, which is financially backed by private equity firm Thoma Bravo. “We are excited about the opportunities ahead, and will work toward a smooth transition for customers and employees of Symantec's Website Security business.”