DigiCert, a Thoma Bravo portfolio company, is acquiring a majority stake in Symantec Corp.’s (Nasdaq: SYMC) web security and public key infrastructure (PKI) services division for approximately $950 million in up-front cash. Symantec will acquire a 30 percent stake in DigiCert as part of the transaction.
Symantec’s web security business brings “growth opportunities” in Internet of Things (IoT) to DigiCert, and new approaches to the secure sockets layer markets. Symantec has been reinventing itself in recent years to keep up with the fast growing cybersecurity sector. As one of the world’s largest developers of security technology, Symantec has been transitioning as the industry is no longer solely focused on the antivirus software sector the company once helped to build. The Mountain View, California-based company has remained active in its corporate transition with the purchase of malware defense company Fireglass and mobile device defense firm Skycure.