Reports have shown that the world’s largest cyber-security firm Symantec Corp is looking into the possibility of selling their largest venture, their web certification business. Estimates show that the deal could reach a hefty $1 billion in a move believed aimed in quenching Symantec’s feud with Alphabet, Inc.’s Google.
The fall out between Symantec and Google started last March when Google accused Symantec of applying low standards when issuing web certifications. Representatives from Symantec called the accusation “exaggerated and misleading.”
According to some sources, who requested to keep their identity, the company is currently in talks with various interested companies and equity firms regarding the possible sale. The sources said that the deal will push through; however, a lot of details regarding the transaction are strictly confidential.
Neither Google nor Symantec sent representatives to give any details or response regarding the said talks.
Symantec began their dominance in the web certification field when they bought Verisign Inc’s security business way back in 2010. Sources say that the deal was tagged at a whopping $1.28 billion. Ever since then the unit is estimated to earn $400 million in revenues annually.
The said deal is not the only path Symantec is taking into consideration in order to patch things up with Google. Representatives from the company confirmed back in June that they are reviewing proposal given by Google, and other internet companies to help repair the issues caused by its security certificates.
They said that they are finding ways, with the help of their partners, to fix the issue without disrupting service to their present clients while at the same time assuring the public on the reliability and integrity of their web certifications.
Since 2016, Symantec has been shelling out a lot of their funds to acquire companies that may help boost their security business. Just this year, they acquired ownership of LifeLock, Inc. by paying $2.3 billion to its shareholders.
Last year August, the company acquired another company named Blue Coat, Inc. This move cost the company $4.65 billion but helped Symantec expand their product lines for larger corporations.
Symantec is one of the world’s largest providers of web encryption services. Many websites rely on this service to gain their customer’s trust and confidence. Hence, if the problem of Symantec won’t be fixed soon, a lot of websites are going to suffer consequences. It is recommended that other sites try other means of increasing traffic, such as link building, to their sites until the issue is resolved,
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