Symantec to Acquire Veritas
Symantec Corp. said it will acquire Veritas Software Corp. in an all-stock transaction worth roughly $13.5 billion, creating what some reports called the world’s fourth largest software company. It will have combined revenue of roughly $5 billion in fiscal 2006, according to Symantec.
Symantec is a provider of information security software and services. Veritas provides programs for data protection, storage and server management.
The resulting entity will operate under the Symantec name. John W. Thompson, chairman and CEO of Symantec, will head the combined firm. Gary L. Bloom, CEO of Veritas, will serve as president and vice-chairman.
Thomson said in a statement that customers want “24/7 access to information. At the same time, they must maintain tight security, comply with all regulatory requirements and operate within their existing budget constraints.”
Symantec’s 2006 fiscal year starts in April 2005. The deal is expected to close in the second quarter.
