Subject to satisfying these obligations, we are then able to perform the more visible aspects of our business, providing registry services for.
At wholesale prices regulated by the U. Home About Verisign. What Does Verisign Do? Company Facts Founded in Headquartered in Reston, VA. Manages 2 of the World's 13 internet root servers. Share Share Tweet Share Email. VeriSign also signed an agreement with Network Solutions, Inc.
New domain registrants would have the option of signing up for VeriSign's digital identification when they registered their domain name with Network Solutions. Network Solutions was the leading provider of registration services for domain names.
VeriSign's digital identification served to authenticate companies doing business online to their potential customers. When VeriSign went public on January 30, , its filing with the Securities and Exchange Commission SEC indicated it had issued more than two million digital certificates. Following its strategy of forming partnerships and alliances, VeriSign entered into a preferred provider agreement with Verifone, Inc.
The non-exclusive partnership combined Verifone's expertise in online payments with VeriSign's authentication technology. VeriSign characterized the deal as "the first end-to-end solution that we have done with a market leader. The acquisition would help VeriSign compete in the enterprise market. Later in the year VeriSign redesigned its web site to reflect a growing emphasis on marketing to enterprises rather than to consumers.
In October, the company released version 4. OnSite was VeriSign's public key infrastructure PKI software that allowed corporations to control their digital certificates. New services offered in version 4. During the first quarter of , VeriSign entered into an extensive agreement with Netscape Communications to deliver digital certificate services through Netscape's Netcenter portal.
Under the agreement Netscape granted "premier provider" status to VeriSign, which would develop a Security Center within Netcenter to provide information, products, and services relating to electronic authentication technology. The new product was the first in VeriSign's Go Secure family of implementation aids for enterprises. In other developments, VeriSign reported its first quarterly profit, both in terms of operating income and net income.
Later in the year, the company entered into an alliance with Eccelerate. VeriSign announced two major acquisitions in the last month of Signio specialized in online payment services, which it offered to a wide range of online merchants, business-to-business exchanges, payment processors, and financial institutions.
The second acquisition involved Thawte Consulting of South Africa. Thawte was also a payment service provider with an established customer base. With its stock price rising in value more than 1, percent in , VeriSign announced in March that it would acquire the leading domain registration firm Network Solutions, Inc. The combined companies would have one of the largest subscriber bases on the Internet. As reported by United Press International, VeriSign President and CEO Stratton Sclavos stated, "With Network Solutions as the gateway to establishing online identity and Web presence, and VeriSign as the provider of Internet authentication, validation and payment services, our combined company will serve as the trust utility that will power the Internet economy.
Network Solutions was originally established in by black entrepreneur Emmitt McHenry and three partners as a network integration firm that developed and managed voice, data, and video communications networks.
The company became involved in Internet domain registration in , when it began assigning domain names under contract from the National Science Foundation NSF. The NSF was a federal agency charged with handling the administration of the Internet since Network Solutions was responsible for assigning top-level domain names ending in.
At the time, some , top-level Internet domain names were registered. Network Solutions had a successful IPO in Network Solutions had a monopoly on domain name registration until , when it was placed under the oversight of the semi-public Internet Corporation for Assigned Names and Numbers ICANN and opened up to competition.
At the time it was acquired by VeriSign, Network Solutions had a 40 percent market share of the domain registration business. It had a database of 8. VeriSign paid a 40 percent premium for Network Solutions, based on the company's stock price, largely because of the opportunities available to the combined company.
It could capture small and medium-size businesses when they registered their domain names, then offer them a suite of higher-priced trust services such as authentication and payment services. In addition to domain name registration, VeriSign planned to offer companies e-mail, web site creation, e-commerce capabilities, secure extranet services, virtual private networks VPNs , and global trading.
Network Solutions became a subsidiary of VeriSign and operated under its own name until it was integrated into VeriSign's domain registration. Later in , VeriSign acquired a competing domain registration firm, GreatDomains. Preparing for increased acceptance of public key infrastructure PKI --a set of standards, technologies, and procedures for user authentication and the secure transfer of data--VeriSign released its new Trust Services platform suite in mid It was designed to let enterprises and their trading partners incorporate authentication, payment, and validation for high-volume transactions conducted over the Internet, extranets, and business-to-business exchanges.
Another new service introduced by VeriSign in mid was a fraud-screening service. The E-Sign law replaced a patchwork of state laws and went into effect in October It made signatures, contracts, and other records in electronic formats legally valid and binding. The law was expected to increase the market for digital certificates.
The agreement was opposed by some in the Internet community as unfair, but it was reviewed and approved by the U. Department of Commerce in May
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