VeriSign, Inc. (Nasdaq: VRSN) issued a 2-for-1 stock split Thursday and announced a deal with a Swedish telecom company.
Shares surged 11 1/4 higher to 163 1/2 over Island in pre-market trading after the company said its board of directors has approved a 2-for-1 stock split. The company also announced a deal to provide its digital certificates in Nordic and Baltic countries through a deal with Telia, Sweden's largest telecommunications company.
VeriSign, which makes software for secure electronic commerce and communications over IP networks, closed at 152 1/4 Wednesday. Shares have been climbing steadily since the company zipped past estimates in its first quarter.
Stockholders will receive one additional share for every share held on the record date of Nov. 22. New shares will be issued after the close of market on Dec. 6.
Under the partnership with Telia, VeriSign will provide digital certificate and public key infrastructure (PKI) services in Nordic and Baltic countries. Under the agreement, Telia will become a member of VeriSign's Global Affiliate Network, a group of international service providers. Financial terms of the deal were not released.
The company also announced Thursday that it and other investors including Intuit Inc. (Nasdaq: INTU) had completed a private round of equity financing for ezlogin.com, a Web-organizing service. The first round of funding totaled more than $4.3 million.