VeriSign ( VRSN) agreed Monday to acquire closely held LightSurf of Santa Cruz, Calif., for $270 million in stock. Mountain View, Calif.-based VeriSign said LightSurf makes multimedia messaging and interoperability software for the wireless market. Its technology platform enables mobile subscribers to exchange pictures, video and other forms of multimedia content. "We are very excited about the strategic value and cutting-edge capabilities that LightSurf adds to VeriSign's Intelligent Communications, Commerce and Content (IC3) platform," said Stratton Sclavos, CEO of communications and security software outfit Verisign. "LightSurf's innovative managed services and their strong record of success with carriers make them a natural fit with VeriSign." The acquisition is anticipated to close by the end of the first quarter of 2005. VeriSign expects the acquisition to generate at least $30 million in incremental revenue for the rest of 2005, to be neutral to 2005 earnings per share and to be modestly accretive to 2006 earnings per share. VeriSign will gain 250 full-time LightSurf employees in Santa Cruz and Bangalore. Late Monday, Verisign fell 13 cents to $30.70.