Verisign put security business up for sale

SAN FRANCISCO, USA: Verisign Inc recently approached some companies to see if they want to buy its security business, which helps online merchants encrypt payment card data, said a person with knowledge of the matter.

The person spoke on condition of anonymity because he is not authorized to discuss the effort.

Shares of Verisign were up 3.9 percent in afternoon trading on speculation that the company could be up for sale, after news emerged that its chief financial officer, Brian Robins, suddenly canceled plans to speak at a JPMorgan investment conference later on Tuesday.

Company spokesman Brad Williams said that Robins had a last-minute schedule change but declined to elaborate. When asked if Robins was working to sell the company or its security business, Williams declined comment.

The security business helps encrypt Internet commerce transactions, verify the identity of websites and secure internal networks.

Verisign shares rose $1.03 to $27.87 in afternoon Nasdaq trade. Options activity in Verisign also surged, with some 33,000 call options traded, or more than 15 times the average daily turnover.