Cyber security company Symantec Corp. has sold its Website Security business and related PKI solutions to DigiCert Inc. The buyer’s business provides scalable identity and encryption solutions for enterprise customers.

The agreement, which was announced on Symantec’s website, will see the company receive approximately $950 million in upfront cash proceeds and an estimated 30% stake in the common stock equity of the DigiCert business at the closing of the transaction.

DigiCert will use the new part of the business to gain growth opportunities within IoT and bring a new approach to the SSL market. The company will employ over 1,000 professionals and will operate from its headquarters in Lehi, Utah.

‘Transitioning our Website Security and related PKI solutions to DigiCert allows us to sharpen our enterprise focus on delivering unparalleled protection for the cloud generation through Symantec’s Integrated Cyber Defense Platform. As our recently announced deals with Fireglass and Skycure demonstrate, we are accelerating the pace of innovation we bring to market through a combination of acquisitions as well as development from the ground up,’ said Symantec CEO Greg Clark.

‘We look forward to building a great security company and supporting all of Symantec’s and DigiCert’s customers well into the future’, added DigiCert CEO, John Merrill.

J.P. Morgan Securities LLC is serving as financial advisor, and Fenwick & West LLP is serving as legal counsel to Symantec. The transaction is expected to be completed in the third quarter of the 2018 fiscal year. Proceeds, net of expected taxes and expenses, will be primarily used to repay debt.

Symantec has also published its first quarter 2018 fiscal year results. Symantec Corp. GAAP revenue went up 33% year over year to $1.175 billion, while non-GAAP revenue was up 39% to $1.228 billion.

DigiCert is a provider of scalable security solutions. The company supports SSL/TLS and other digital certificates for PKI deployments through its certificate lifecycle management platform, CertCentral. DigiCert was founded in 2003 in Utah, US.

Earlier this year Symantec acquired Israeli mobile security firm Skycure in a bid to bolster its Cyber Defense platform for enterprise customers.