VeriSign Jumps on Web Registry Approval

The company will continue to administer the dot-com registry.
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VeriSign

(VRSN) - Get Report

shares rose in Thursday after the Department of Commerce approved a deal allowing the company to continue its role administering the dot-com registry.

VeriSign stock jumped 7%, or $1.69 to $25.96, changing hands at about double the usual volume.

The Commerce Department oversees the Internet Corporation for Assigned Names and Numbers, the nonprofit organization that chose VeriSign to run the dot-com and dot-net domain registry. VeriSign has operated the registry since 1999.

"The registry operator framework ICANN has adopted and embodied in the dot-com agreement strengthens the security and stability of the Internet relied on by hundreds of millions of people around the globe," Mark McLaughlin, general manager of VeriSign information services said in a statement.

"This framework holds operators accountable for their performance, promotes the continued investment of tens of millions of dollars in the infrastructure and provides important safeguards for consumers," he added.