<PAGE>

                                                                   Exhibit 10.17


THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH
SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT
STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS OF SUCH ACT.


                             COMMON STOCK WARRANT
                                      of
                           ENTRUST TECHNOLOGIES INC.

No. 1                                                        159,692 Shares

THIS CERTIFIES THAT, for value received, the sufficiency of which is hereby
acknowledged, Andersen Consulting LLP ("AC" or the "Warrantholder"), is
entitled, on the terms and subject to conditions set forth below, to subscribe
for and purchase from Entrust Technologies Inc., a Maryland corporation (the
"Company"), at the Warrant Price defined in Section 2 below, 159,692 fully paid
and non-assessable shares of the Company's Common Stock (the "Warrant Shares"),
such price and such number of shares being subject to adjustment upon occurrence
of the contingencies set forth in this Warrant.

Upon delivery of this Warrant (with the Notice of Exercise in the form attached
as Attachment A), together with payment of the Warrant Price for the shares of
   ------------
the Company's Common Stock, $.01 par value per share (the "Common Stock"),
thereby purchased, which payment may be made by converting this Warrant, or any
portion thereof, pursuant to Section 3 below ("Warrant Conversion"), at the
principal office of the Company or at such other office or agency as the Company
may designate by notice in writing to the holder hereof, the holder of this
Warrant shall be entitled to receive a certificate or certificates for the
shares of Common Stock so purchased.  All shares of Common Stock which may be
issued upon the exercise of this Warrant will, upon issuance, be fully paid and
non-assessable and free from all taxes, liens and charges with respect thereto.

This Warrant is subject to the following terms and conditions:

     Term of Warrant.  This Warrant may be exercised in whole or in part, at any
     ---------------
time after issuance and prior to 5:00 p.m., PST, April 11, 2003 (the "Term").
Upon the expiration of the Term, this Warrant, to the extent not exercised,
shall terminate.

     Warrant Price.  The exercise price of this Warrant (the "Warrant Price")
     -------------
shall equal $21.92 per share, subject to adjustment as provided in Section 5
below.

     Method of Exercise.
     ------------------
          (i)  Cash Exercise.  The purchase rights represented by this Warrant
               -------------
may be exercised by the Warrantholder, in whole, or in part, by the surrender of
this Warrant (with the duly executed Notice of Exercise attached as Attachment
                                                                    ----------
A) at the principal office of the Company, and by the payment to the Company, by
-
certified or cashier's check or other check acceptable to the Company, of an
amount equal to the aggregate Warrant Price of the Warrant Shares being
purchased.
          (ii) Net Issue Exercise.  In lieu of exercising this Warrant for cash
               ------------------
under clause (i), in the event that the Company's securities are listed on the
Nasdaq National Market, the Warrantholder may elect to receive Warrant Shares
equal to the value of this Warrant (or the portion thereof being canceled) by
surrender of this Warrant at the principal office of the Company and
specification of such election on the Notice of Election, in which event the
Company shall issue to the Warrantholder a number of Warrant Shares computed
using the following formula:

X = Y(A-B)
    ------
      A

Where     X    =    the number of Warrant Shares to be issued to the
                    Warrantholder.
          Y    =    the number of Warrant Shares for which this Warrant is then
                    being exercised.
          A    =    the fair market value of one share of the Company's Common
                    Stock.
          B    =    the Warrant Price (as adjusted to the date of such
                    calculation).

     (iii)     Fair Market Value. For purposes of this Section 3, the fair
               -----------------
               market value of the Company's Common Stock shall mean the average
               of the closing bid and asked prices of the Company's Common Stock
               quoted on the
<PAGE>

               Nasdaq National Market, or the closing prices quoted on any
               exchange on which the Common Stock is listed, whichever is
               applicable, as published in the Western Edition of The Wall
                                                                  --------
     4.        Street Journal for the ten (10) trading days prior to the date of
               --------------
               determination of fair market value.
     5.        Vesting.  This Warrant has vested in full.
               Adjustment of Warrant Price and Number of Warrant Shares.
               The number and kind of Warrant Shares purchasable upon the
               exercise of this Warrant and the Warrant Price shall be subject
               to adjustment from time to time in accordance with the following
               provisions:
       (a)     Reclassification, Consolidation, Merger, etc. In case of any
               --------------------------------------------
               reclassification, exchange, substitution or change of outstanding
               securities of the class issuable upon exercise of this Warrant
               (other than as a result of a subdivision or combination), or in
               case of any consolidation or merger of the Company with or into
               another corporation, or the sale, transfer or lease of all or
               substantially all of the assets of the Company, the Company, or
               such successor corporation, as the case may be, shall execute a
               new Warrant, providing that the holder of this Warrant shall have
               the right to exercise such new Warrant, and procure upon such
               exercise in lieu of each Warrant Share previously issuable upon
               exercise of this Warrant, the kind and amount of shares of stock,
               other securities, money and property receivable upon such
               reclassification, exchange, substitution, change, consolidation,
               merger, sale, transfer or lease by a holder of one Warrant Share
               immediately prior to such event. Such new Warrant shall provide
               for adjustments which shall be as nearly equivalent as may be
               practicable to the adjustments provided for in this Section 5.
               The provisions of this paragraph (a) shall similarly apply to
               successive reclassifications, exchanges, substitutions, changes,
               consolidations, mergers, sales, transfers or leases.
<PAGE>

 (b) [Intentionally omitted]

 (c) Subdivision, Stock Dividend or Combination of Shares. If the Company at any
     ----------------------------------------------------
time while this Warrant remains outstanding and unexpired shall subdivide or
combine the Common Stock, or shall issue a stock dividend with respect to the
Common Stock, the Warrant Price shall be proportionately decreased in the case
of a subdivision or stock dividend or increased in the case of a combination.

 (d) Adjustment of Number of Shares.  Upon each adjustment in the Warrant Price
     ------------------------------
for subdivisions or combinations as contemplated under paragraph (c) above, the
number of shares of Common Stock purchasable hereunder shall be adjusted, to the
nearest whole share, to the product obtained by multiplying the number of shares
purchasable immediately prior to such adjustment in the Warrant Price by a
fraction, the numerator of which shall be the Warrant Price immediately prior to
such adjustment and the denominator of which shall be the Warrant Price
immediately thereafter.

 (e) No Impairment.  The Company shall not, by amendment of its Articles of
     -------------
Incorporation or through a reorganization, transfer of assets, consolidation,
merger, dissolution, issue, or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of its terms to be
observed or performed under this Warrant by the Company, but shall at all times
in good faith assist in carrying out of all the provisions of this Section 5 and
in taking all such action as may be necessary or appropriate to protect the
Warrantholder's rights under this Section 5 against impairment.  If the Company
takes any action affecting the Common Stock other than as described above that
adversely affects Warrantholder's rights under this Warrant, the Warrant Price
shall be adjusted downward.

6.   Reservation of Stock. On and after the date hereof, the Company will
     --------------------
reserve from its authorized and unissued Common Stock a sufficient number of
shares to provide for the issuance of the Warrant Shares upon the exercise of
this Warrant.

7.   Notices.
     -------

 (a) Upon any adjustment of the Warrant Price and any increase or decrease in
the number of shares of Common Stock purchasable upon the exercise of this
Warrant, then the Company shall give written notice of such adjustment promptly
thereafter to the registered holder of this Warrant (the "Notice"). The Notice
shall be mailed to the address of such holder as shown on the books of the
Company and shall state the Warrant Price as adjusted and the increased or
decreased number of shares purchasable upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation of each.

 (b) [Intentionally omitted]

8.   Miscellaneous.
     -------------

 (a) The terms of this Warrant shall be binding upon and shall inure to the
benefit of any successors or assigns of the Company and of any permitted assigns
of the Warrantholder.

 (b) Other than as provided herein, no holder of this Warrant, as such, shall be
entitled to vote or receive dividends or be deemed to be a shareholder of the
Company for any purpose, nor shall anything contained in this Warrant be
construed to confer upon the holder of this Warrant, as such, any rights of a
shareholder of the Company or any right to vote, give or withhold consent to any
corporate action, receive notice of meetings, receive dividends or subscription
rights, or otherwise.

 (c) Receipt of this Warrant by the holder hereof shall constitute acceptance of
and agreement to the foregoing terms and conditions.

 (d) Upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of any
such loss, theft or distribution, upon delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company or, in the case of any
such mutilation, upon surrender and cancellation of such Warrant, the Company at
its expense will execute and deliver, in lieu thereof, a new Warrant of like
date and tenor.

 (e) Any provision of this Warrant may be amended, waived or modified upon the
written consent of the Company and the holders of a majority of the Warrant
Shares issued or issuable upon exercise of this Warrant or any successor
warrant(s).

 (f) This Warrant shall be governed by the internal substantive laws, but not
the choice of law rules, of the State of California.
<PAGE>

IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly
authorized officer.

Dated:  June 26, 2000

                                        ENTRUST TECHNOLOGIES INC.

                                        /s/  John A. Ryan
                                        -------------------------------------
                                        John A. Ryan
                                        President and Chief Executive Officer
<PAGE>

                                 ATTACHMENT A
                                 ------------

                              NOTICE OF EXERCISE
                              ------------------

          TO:  Entrust Technologies Inc.
               One Preston Park South
               4975 Preston Park Boulevard
               Suite 400
               Plano, TX 75093
               Attn:  President

     1.   The undersigned hereby elects to purchase ___________ shares of the
Common Stock of Entrust Technologies Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full, together with all applicable transfer taxes, if any.

     2.   Please issue a certificate or certificates representing such shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

_________________________________
(Name)

_________________________________

_________________________________
(Address)

     3.   The undersigned represents that the above shares of Common Stock are
being acquired for the account of the undersigned for investment and not with a
view to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.
In support thereof, the undersigned has executed the Investment Representation
Statement attached as Exhibit A.
                      ---------


                                        Signature of Warrantholder:



                                        ---------------------------------------
                                        By:
                                           ------------------------------------
                                        Title:
                                              ---------------------------------
                                        Date:
                                             ----------------------------------
<PAGE>

                                   EXHIBIT A


THIS STATEMENT MUST BE COMPLETED, SIGNED AND RETURNED TO ENTRUST TECHNOLOGIES
INC. ALONG WITH THE NOTICE OF EXERCISE BEFORE THE COMMON STOCK ISSUABLE UPON
EXERCISE OF THE ATTACHED WARRANT WILL BE ISSUED.

                           ENTRUST TECHNOLOGIES INC.

                               WARRANT EXERCISE

                      INVESTMENT REPRESENTATION STATEMENT

PURCHASER           :
COMPANY             :    Entrust Technologies Inc.
SECURITY            :    Common Stock
NUMBER OF SHARES    :
DATE                :    _______________, 200_

In connection with the purchase of the above-listed Securities, the Purchaser
represents to the Company the following:

          (a)  It has substantial experience in evaluating and investing in
private placement transactions of securities in companies similar to the Company
so that it is capable of evaluating the merits and risks of its investment in
the Company and has the capacity to protect its own interests. It acknowledges
that its investment in the Company is highly speculative and entails a
substantial degree of risk and it is in a position to lose the entire amount of
such investment.

          (b)  It is acquiring the Securities for investment for its own
account, not as a nominee or agent, and not with the view to, or for resale in
connection with, any distribution thereof. It understands that the Securities
have not been, and will not be, registered under the Securities Act of 1933, as
amended (the "Securities Act"), by reason of a specific exemption from the
registration provisions of the Securities Act, the availability of which depends
upon, among other things, the bona fide nature of the investment intent and the
                              ---- ----
accuracy of its representations as expressed herein. It is an "accredited
investor" within the meaning of Regulation D, Rule 501(a), promulgated by the
Securities and Exchange Commission (the "SEC").

          (c)  It acknowledges that the Securities must be held indefinitely
unless subsequently registered under the Securities Act or unless an exemption
from such registration is available. It is aware of the provisions of Rule 144
promulgated under the Securities Act which permit limited resale of shares
purchased in a private placement subject to the satisfaction of certain
conditions, including, among other things, the existence of a public market for
the shares, the availability of certain current public information about the
Company, the resale occurring not less than one year after a party has purchased
and paid for the security to be sold, the sale being effected through a
"broker's transaction" or in transactions directly with a "market maker" and the
number of shares being sold during any three-month period not exceeding
specified limitations.

          (d)  [Intentionally omitted]

          (e)  It has had an opportunity to discuss the Company's business,
management and financial affairs with its management. It has also had an
opportunity to ask questions of officers of the Company, which questions were
answered to its satisfaction. It understands that such discussions, as well as
any written information issued by the Company, were intended to describe certain
aspects of the Company's business and prospects but were not a thorough or
exhaustive description. It acknowledges that any business plans prepared by the
Company have been and continue to be subject to change and that any projections
included in such business plans are necessary speculative in nature, and it can
be expected that
<PAGE>

some or all of the assumptions of the projections will not materialize or will
vary significantly from actual results.

          (f)  It understands that the certificates evidencing the Securities
will be imprinted with a legend which prohibits the transfer of the Securities
unless they are registered or such registration is not required in the opinion
of counsel for the Purchaser reasonably satisfactory to the Company or unless
the Company receives a no-action letter from the SEC.

The following legends will be placed on the certificate(s) for the Securities,
or any substitutions therefor:

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
          ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
          UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  SUCH
          SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
          OF SUCH REGISTRATION UNLESS THE COMPANY RECEIVES AN
          OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING
          THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE
          REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
          SUCH ACT.


                                        Signature of Purchaser:


                                        --------------------------------------
                                        By:
                                           -----------------------------------
                                        Title:
                                              --------------------------------
                                        Date:
                                             ---------------------------------