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SecureWorks Closes Acquisition of VeriSign's Managed Security Services Business

Posted on: Tuesday, 7 July 2009, 07:45 CDT

ATLANTA and MOUNTAIN VIEW, Calif., July 7 /PRNewswire/ -- SecureWorks, Inc.(R), a market leading provider of security services, has closed its acquisition of the Managed Security Services (MSS) business from VeriSign,Inc. (Nasdaq: VRSN). VeriSign is the trusted provider of Internet infrastructure services for the networked world. With this acquisition, SecureWorks strengthens its leadership position as a global, pure-play security services provider that delivers powerful and effective security services to organizations of all sizes.

Post-closing, SecureWorks has approximately 2,600 clients including four of the Fortune 10. The company has also expanded its presence outside of North America with clients, channel partners or operations in more than 50 countries, including the U.K., Saudi Arabia, Taiwan, Finland, Spain, Brazil and Mexico.

Both organizations are recognized as leading security services providers by analyst firms Gartner and Forrester, Inc. According to Irida Xheneti, Security Services Research Analyst at IDC, "This is a great opportunity for both organizations to leverage synergies from this acquisition and address customer needs in several market segments. By focusing purely on security services and continuing high customer touch, this acquisition positions SecureWorks for further growth."

SecureWorks and VeriSign have an agreement to share data and intelligence between the VeriSign iDefense business and the SecureWorks Security Services business to help facilitate a seamless transition for clients.

"First and foremost, I believe this acquisition benefits clients of both businesses because it expands the depth and breadth of our security services, giving us even better tools and security intelligence with which to protect our clients," said Mike Cote, chairman and CEO of SecureWorks. "Today, the Internet threats being levied at organizations and their customers are increasing in both volume and complexity and, unfortunately, the threats are growing for all sizes of organizations. A security services provider that has knowledge and expertise, a broad client base providing data, a robust infrastructure, and a trusted reputation meets a critical need for organizations in today's business and computing environment. With this acquisition, SecureWorks solidifies its position as one of the market's top security services providers and, indeed, one of the largest pure-play providers serving the entire market."

"The sale of the Managed Security Services business is another important step toward VeriSign's divestiture goals as we continue our focus on core Internet infrastructure businesses," said Jim Bidzos, executive chairman of the board of directors and chief executive officer on an interim basis of VeriSign. "Our primary objective throughout the MSS divestiture process was to work with a buyer who is a recognized leader in the field - one that could facilitate a smooth transition for customers and present the most promising opportunities for our employees. With SecureWorks, we believe we achieved this objective."

Post-closing, SecureWorks employs approximately 500 people globally and anticipates run-rate revenues greater than $100 million annually.

SecureWorks Security Services

SecureWorks provides a broad array of integrated security services including: management of Intrusion Detection and Prevention Systems, Network and Web Application Firewalls, 24x7 Security Monitoring, Security Information and Event Management (SIEM), Log Management, Threat Research, Vulnerability Management, 3rd Party Risk Management, Risk Assessments, Compliance Audits, Governance and Policy Development, Incident Response and Expert Residency.

About SecureWorks

SecureWorks is a market leading provider of world-class information security services with over 2,600 clients worldwide spanning North America, Latin America, Europe, the Middle East and the Pacific Rim. Organizations of all sizes, including more than ten percent of the Fortune 500, rely on SecureWorks to protect their assets, improve compliance and reduce costs. The combination of strong client service, award-winning security technology and experienced security professionals makes SecureWorks the premier provider of information security services for any organization. Positioned in the Leader's Quadrant of Gartner's Magic Quadrant for MSSPs, SecureWorks has also won SC Magazine's "Best Managed Security Service" award for 2006, 2007, 2008 & 2009 and has been named to the Inc. 500, Inc. 5000 and Deloitte lists of fastest-growing companies.

About VeriSign

VeriSign, Inc. is the trusted provider of Internet infrastructure services for the networked world. Billions of times each day, VeriSign helps companies and consumers all over the world engage in communications and commerce with confidence. Additional news and information about the company is available at www.VeriSign.com.

Forward-Looking Statement

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 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. 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 risk that the agreement to share data and intelligence between the VeriSign iDefense business and the SecureWorks Security Services business will not help facilitate a seamless transition for clients and that the planned divestitures of certain businesses by VeriSign may be delayed or pending dispositions may not be completed, may generate less proceeds than expected or may incur unanticipated costs or otherwise negatively affect VeriSign's financial condition, results of operations or cash flows. 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, 2008, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.

SOURCE SecureWorks, Inc.

Source: PR Newswire

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