Headline Feeds
Online business-to-business exchange VerticalNet (Nasdaq: VERT) and digital authentication firm VeriSign (Nasdaq: VRSN) rose Monday after the two companies announced that VeriSign (Nasdaq: VRSN) will provide the exchange with a package of security services for online transactions.
VeriSign gained 4 1/64 to 116, and VerticalNet picked up 9/32 to 9 1/4.
VeriSign, based in Mountain View, California, provides Internet services, including authentication of buyers and suppliers through the use of digital certificates and online payment processing. Horsham, Pennsylvania-based VerticalNet operates online marketplaces for businesses.
The deal makes VeriSign's services available on VerticalNet's 57-plus exchanges, and calls for the companies to collaborate on marketing and on developing new e-commerce services for businesses.
VerticalNet president Joe Galli said that the partnership with VeriSign will result in VerticalNet's buyers and suppliers "knowing that the other party has been authenticated, that payments are being processed securely and that transaction detail is being recorded in a trusted, undisputed manner."
The deal makes VeriSign the exclusive provider of authentication and digital certificate services to VerticalNet, and the preferred provider of payment services for all VerticalNet communities.
VeriSign president and chief executive officer Stratton Sclavos said that as businesses continue to cut costs and reach new markets via online exchanges and marketplaces, the ability to identify each other, reliably process payments and obtain digital proof that a transaction has occurred are "the keys to spontaneous commerce."
VeriSign shares are below their 52-week high of 258 1/2, but still above
their 52-week low of 75 9/16. VerticalNet shares are trading between their
year's high of 148 3/8 and low of 7 1/2.
