VeriSign Completes Acquisition of LightSurf
Acquisition Adds Picture Messaging Suite and Enhanced
Multimedia Messaging Capabilities to VeriSign's Digital Content
Services
MOUNTAIN VIEW, Calif., April 7 /PRNewswire-FirstCall/ -- VeriSign,
Inc. (NASDAQ:VRSN) , the leading provider of intelligent
infrastructure services for the Internet and telecommunications
networks, announced the successful completion of its acquisition of
Santa Cruz, California-based LightSurf.
VeriSign announced a definitive agreement to acquire LightSurf on
January 10, 2005. Under the terms of the agreement, VeriSign paid
$270 million in VeriSign, Inc. stock. The acquisition is being
treated as a purchase transaction. VeriSign will maintain LightSurf
offices in Bangalore, India and Santa Cruz, California, gaining
approximately 300 full-time employees.
Laptop Battery LightSurf is a global leader in multimedia messaging and
interoperability solutions for the wireless market. The company's
industry-leading technology platform enables mobile subscribers to
exchange pictures, video, and other forms of multimedia content.
Operators and service providers offering the LightSurf solution
today include Sprint, Bell Mobility, Kodak, Rogers Wireless,
Microcell, Telecom New Zealand, Iusacell, and Qwest.
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Thinkpad "LightSurf enhances our Intelligent Communications, Commerce and
Content strategy with the addition of a world class technical team
and an industry leading platform for multimedia messaging," said
Stratton Sclavos, Chairman and CEO of VeriSign. "LightSurf's
innovative managed services and their strong record of success with
carriers make them a natural fit with VeriSign."
Microsoft By adding LightSurf's capabilities into its existing
communication services platforms, VeriSign expects to offer
carriers a comprehensive wireless data utility that covers all
aspects of the mobile content value chain. Functionality will
include picture messaging, multimedia messaging services, and
Inter-carrier messaging and interoperability.
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Laptop Computers VeriSign expects the acquisition to generate at least $30
million in incremental revenues for the last nine months of 2005,
to be neutral to 2005 earnings per share and to be modestly
accretive to 2006 earnings per share.
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Laptop Computer About VeriSign
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Desktop Computer VeriSign, Inc. operates intelligent infrastructure services that
enable businesses and individuals to find, connect, secure, and
transact across today's complex global networks. Additional news
and information about the company is available at
www.verisign.com.
Notebooks About LightSurf
Lenovo LightSurf is the global leader in Open Standards MMS, Picture
and Video Messaging, and Interoperability solutions supporting all
mobile devices and wireless networks. LightSurf's
open-standards-based services are currently deployed worldwide with
partners including Bell Canada, Eastman Kodak, Iusacell, LG
International Corp., Motorola, Rogers Wireless, Samsung
Electronics, Sanyo, Sprint, Telecom New Zealand and Toshiba.
Founded in 1998 by Philippe Kahn, LightSurf is a privately-held
company headquartered in Santa Cruz, California.
Hard Drive Statements in this announcement other than historical data and
information constitute forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements
involve risks and uncertainties that could cause VeriSign's actual
results to differ materially from those stated or implied by such
forward-looking statements. The potential risks and uncertainties
include, among others, the uncertainty of future revenue and
profitability and potential fluctuations in quarterly operating
results due to such factors as the inability of VeriSign to
successfully market the combined companies' services and customer
acceptance of the combined companies' services; the risk that the
expected synergies resulting from the combination will not
materialize; the incurrence of unexpected costs integrating the
businesses; increased competition and pricing pressures; and the
inability of VeriSign to successfully develop and market new
products and services and customer acceptance of any new products
or services. More information about potential factors that could
affect the company's business and financial results is included in
VeriSign's filings with the Securities and Exchange Commission,
including in the company's Annual Report on Form 10-K for the year
ended December 31, 2004 and quarterly reports on Form 10-Q.
VeriSign undertakes no obligation to update any of the
forward-looking statement after the date of this press release.
Travelstar Source: VeriSign, Inc.
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