Wednesday, June 15, 2011

GeoTrust co-founders launch AffirmTrust

By Michelle Lang

The founding team of SSL certificate vendor GeoTrust has come together again following the expiration of a non-compete agreement with VeriSign, which bought GeoTrust in 2006. And they’ve launched AffirmTrust Tuesday as an SSL certificate firm to compete in the same space as VeriSign – and to fill in where VeriSign has left room for opportunity, according to AffirmTrust executive chairman Neal Creighton.

Where Creighton said VeriSign has left room for competition is both in the market served by SSL (Secure Sockets Layer) certificates – the certificate to ensure secure transactions between web servers and browsers – and with innovation in the area.

With high cost being a potential barrier for small businesses to gain the SSL certificates, AffirmTrust is focused on delivering high-end security certificates at a lower cost to these small and mid-size businesses.

“Our goal is to get as many encryption credentials out to as many small businesses as possible,” Creighton said. For now, or at least once AffirmTrust launches its product in July, that means giving away SSL certification for free for a while. But eventually, he said the company intends to bring the security products that now cost in the range of $600 to $700 per year down to $50 to $75 per year.

Given that AffirmTrust is completely self-funded – and the co-founders have no intention of taking in venture capital financing – the ultra-low SSL certificate pricing could prove to be an expensive goal.

Creighton pointed out AffirmTrust's co-founders' experience in the market as a cost-saving tool that bypasses the need for strategy help from venture capitalists. “We already know all the people,” he said. “There’s some enjoyment about controlling your own destiny. If you have (contacts), the only other thing you get from (VCs) is the money. We have that already.”

AffirmTrust also aims to add more innovation to the secure transaction space, where Creighton said not much has happened since GeoTrust was sold. 

The Marlborough-based startup’s founding team is made up of Creighton, former GeoTrust and ChosenSecurity president and CEO; AffirmTrust President and CEO Chris Bailey, former GeoTrust CTO; Chief Operating Officer Kirk Hall, former GeoTrust VP of operations; and CTO Kefend Chen, former GeoTrust principal engineer.

Creighton, a 2010 Mass High Tech All-Star, has spent the last few years as president and CEO of RatePoint Inc., a Boston startup focused on software for companies to publish and manage customer reviews on websites. He left the position in March.