Symantec is exploring to divest its web certification business which generates $400 million in annual turnover.
According to sources familiar with the matter at hand, U.S. cybersecurity company Symantec Corp is considering to sell its website certification business in a deal that’s potentially worth more than $1 billion.
This strategic move could also help extract itself from a dispute with Alphabet Inc’s Google.
Earlier in March, Google had stated it was investigating Symantec’s failure to properly validate its certificates. Symantec has termed Google’s claims as “exaggerated and misleading.”
According to three persons with knowledge of the matter at hand, the cybersecurity company is in talks with a number of companies as well as private equity firms regarding the potential sale.
The sources preferred the cover of anonymity since the matter is confidential. They have underscored the fact that these discussions may not necessarily lead to a sale.
While Google did not respond to a request for comment, Symantec declined to comment.
In 2010, Symantec had acquired the web certification business from Verisign Inc for $1.28 billion. As per a source, the web certification business generates around $400 million in revenues for Symantec.
In June, Symantec positively responded to its web security certificates issue by saying it was reviewing a proposal by Google and other internet companies to help fix issues with its security certificates.