VeriSign gets US$30M from Microsoft, Cisco

VeriSign, which makes electronic commerce transaction software, says it has received US$30 million in funding from industry heavyweights such as Microsoft, Cisco and Intuit.

VeriSign, which makes electronic commerce transaction software, says it has received US$30 million in funding from industry heavyweights such as Microsoft, Cisco and Intuit.

The Mountain View, California-based company's main product is a "digital signature" technology called Digital ID, which is used to ensure that transactions sent over the Internet are from the intended sender and have not been altered in transit. Digital signature technology is based on open standards and works on any platform. It has been widely heralded by many electronic commerce advocates as the security feature that will ease consumer and corporate fears about sending credit card information over the Internet.

VeriSign hopes that receiving financial support from such prominent technology companies will accelerate the adoption of electronic commerce in 1997, says Stratton Sclavos, the company's president and CEO. Prior to receiving the US$30 million in financing, VeriSign had garnered only US$10 million in funds since its inception in April 1995.

The new funds will be used to expand the company on a global basis, officials say. VeriSign already has an office in Japan

Other investors involved in the financing include cable and communications company Comcast, France-based Gemplus, which produces smart cards, payment system provider First Data, Merrill Lynch, Reuters, AT&T Ventures and Softbank Ventures.

VeriSign is on the Web at http://www.versign.com.

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