DigiCert, Inc. Due Diligence

Run due diligence on DigiCert, Inc.: check compliance and get alerts when suppliers change.

United States · www.digicert.com · 15 vendors

DigiCert, Inc. is a global leader in digital security, specializing in public key infrastructure (PKI) and digital certificates, including TLS/SSL certificates. The company acts as a trusted certificate authority, providing scalable identity and encryption solutions to secure websites, enterprise access, software, devices, and communications worldwide. DigiCert offers solutions for certificate lifecycle management, software trust, device trust, and document trust.

Resilience scores

Technology vendors

Services catalogue

8 services in catalogue across 5 categories; runs on 15 sub-vendors.

Insights

Last updated 2026-05-04 · revision 2

15 direct vendors, 191 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

5 in-scope frameworks identified; showing 3.

ISO 27001 (source) — No public evidence

SOC 2 (source) — No public evidence

Common Criteria — No public evidence

Financials

Three-year financials

Financial Resilience Score: 7/10

DigiCert demonstrates strong underlying business fundamentals anchored by a dominant market position as the #1 or #2 commercial Certificate Authority globally, serving approximately 90% of Fortune 500 companies across 180+ countries. The vast majority of its revenue is subscription-based through annual certificate renewals and managed PKI contracts, providing high revenue visibility, strong ARR characteristics, and low customer churn. Its mission-critical product nature — TLS/SSL certificates are non-discretionary for any digitally operating organization — combined with moderate-to-high switching costs for enterprise PKI deployments creates a resilient and sticky revenue base estimated at $500M+ annually. The company benefits from powerful secular tailwinds: NIST's 2024 finalization of post-quantum cryptography standards will necessitate mass certificate migration, and industry mandates pushing toward shorter certificate validity periods (47-day certificates by 2027) are accelerating demand for automation and certificate lifecycle management platforms. The DigiCert ONE platform expansion into CLM, IoT identity, DNS security, and code signing broadens the total addressable market and reduces dependence on the core certificate business. Backing from Clearlake Capital and TA Associates provides financial resources for continued M&A and R&D investment. However, the company's PE-backed LBO structure introduces meaningful financial risk. The 2021 buyout at ~$6.9B valuation and subsequent ~$500M Vercara acquisition suggest total debt likely in the $2–4B range, which constrains financial flexibility and increases vulnerability to interest rate movements or revenue shortfalls. Integration complexity from multiple acquisitions (Symantec, Mocana, Vercara, DNS Made Easy) creates ongoing operational risk and potential for customer or talent attrition. Competitive risks are also notable: free certificate providers such as Let's Encrypt have commoditized basic DV certificates, while large cloud providers (AWS, Azure, Google) offer competing certificate services. The August 2024 incident requiring revocation of ~83,000 certificates due to a domain validation error highlights the catastrophic reputational and operational risk inherent in operating as a Certificate Authority. The absence of public financial disclosure further limits external assessment of true leverage, margin profile, and balance sheet health.

Key strengths: #1 or #2 commercial CA globally by certificate issuance volume, ~90% of Fortune 500 companies are customers, High-recurring, subscription-based revenue model with strong ARR characteristics, Mission-critical, non-discretionary product with moderate-to-high switching costs, DigiCert ONE platform expanding TAM into CLM, IoT, DNS security, and code signing, Post-quantum cryptography migration and 47-day certificate mandates as major growth tailwinds, Strong PE backing from Clearlake Capital and TA Associates, IDC MarketScape Leader in Certificate Lifecycle Management (2026), Forrester TEI: 312% ROI and $10.1M NPV for DigiCert ONE customers, Operations in 180+ countries with blue-chip enterprise customer base

Risk factors: Significant PE-driven leverage estimated at $2–4B in total debt from LBO and M&A financing, No public financial disclosure — audited financials unavailable, limiting external credit/financial assessment, Integration complexity from multiple acquisitions (Symantec, Mocana, Vercara, DNS Made Easy), Competitive pressure from Let's Encrypt (free DV certificates) and cloud provider certificate services (AWS, Azure, Google), August 2024 certificate revocation incident (~83,000 certificates) highlights catastrophic CA infrastructure risk, Industry push toward 47-day certificate validity by 2027 could disrupt renewal revenue patterns, Valuation multiple compression since 2021 LBO reduces exit optionality for PE investors, No public market liquidity; IPO timeline unannounced as of May 2025, Revenue concentration risk in core TLS/SSL certificate business subject to pricing pressure

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