Symantec will buy Veritas Software in an all-stock transaction, the companies announced Thursday.<\/p>\n","protected":false},"excerpt":{"rendered":"
The deal values Veritas at around $13.5 billion, they said.<\/p>\n
By joining forces, Symantec will be able to help enterprise customers secure their information better, the companies said.<\/p>\n
Symantec Chairman and Chief Executive Officer John Thompson will continue in that role, while his opposite number at Veritas, Gary Bloom, will become vice-chairman and president of the combined company.<\/p>\n
“This is not your typical merger focused on removing cost and redundant infrastructure,” he said. Bloom will take day-to-day responsibility for sales, service and support”, Thompson said.<\/p>\n
For his part, Bloom said that a single company that can both secure its customers’ data, and make that data more available, represents a unique value proposition.<\/p>\n
How long such integration will take is an unanswered question, as the people who will do the programming have been kept in the dark about the deal until now, according to Thompson.<\/p>\n
The companies expect to report $5 billion in combined revenue in their first financial year together, from April 2005 to March 2006, according to Symantec’s Chief Financial Officer Greg Myers.<\/p>\n
The previous week, it announced plans to acquire intrusion system Platform Logic of Glenwood, Maryland.<\/p>\n
This latest deal dramatically extends and strengthens Symantec’s offering to enterprises, according to Richard Ptak, an analyst with Ptak, Noel & Associates, commenting on the deal via e-mail.<\/p>\n
Veritas has so far failed to capitalize on its 2002 acquisitions of Jareva Technologies and Precise Software Solutions, but the deal with Symantec will give it a second chance to apply these technologies, drawing on the greater experience and financial resources of the merged company, Ptak said. Ptak wondered whether Computer Associates International or BMC Software would have been a better target.<\/p>\n
BMC, in particular, would have given Symantec a solid position in the systems management market — and may still be a target if it is on the market by the time Symantec swallows Veritas.<\/p>\n
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