Symantec buys Veritas

Share this article:

Symantec has bought back-up and storage firm Veritas in a deal worth $13.5bn.

With the acquisiition of Veritas, the Cupertino, California-based firm best known for its Norton security products will become one of the world's biggest software companies.  The deal was unanimously agreed by both boards and the Veritas unit will operate under the Symantec brand.

John W. Thompson, who will be chairman and CEO of the new company, said the deal came about in part by companies wanting to deal with fewer vendors. "Customers are looking to reduce the complexity and cost of managing their IT infrastructure and drive efficiency with fewer suppliers," he said in a statement.

He said the new company "will help customers balance the need to both secure their information and make it available, thus ensuring its integrity."

Rumors of the takeover have been circulating this week with both companies staying silent on the issue until today's announcement.

Upon completion, Veritas shareholders will receive 1.1242 Symantec shares for every share they currently hold.

www.symantec.com
www.veritas.com
Share this article:
You must be a registered member of SC Magazine to post a comment.

Sign up to our newsletters

More in News

CryptoWall surpasses CryptoLocker in infection rates

CryptoWall surpasses CryptoLocker in infection rates

A threat analysis from Dell SecureWorks CTU says that CryptoWall has picked up where its famous sibling left off.

Professor says Google search, not hacking, yielded medical info

Professor says Google search, not hacking, yielded medical ...

A professor of ethical hacking at City College San Francisco came forward to clarify that he did not demonstrate hacking a medical center's server in a class.

Syrian Malware Team makes use of enhanced BlackWorm RAT

Syrian Malware Team makes use of enhanced BlackWorm ...

FireEye analyzed the hacking group's use of the malware, dubbed the "Dark Edition" of BlackWorm.