Symantec Sells Veritas Data Storage Business for $8B to Carlyle Group
The deal was paid for in cash by a group that had been eager to acquire it for a while. This included investors such as GIC, Singapore’s sovereign-wealth fund. Symantec chose to sell due to an increased need to focus on security tools and anti-hacker efforts. With so many hackers and breaches in security, they were just fed up with trying to keep up with the anonymous trolls.
Symantec was one of the very first big names in antivirus software, as their name became synonymous with the term during the 1980s and 90s. Early on, they helped fend off hackers trying to break through the defense of countless websites. The wrongdoers-as they often are-were constantly one step ahead of the good guys, which eventually led to the shift in focus and, therefore, sale of the data storage company.
“As the security and storage industries continue to change at an accelerating pace, Symantec’s security and IM businesses each face unique market opportunities and challenges. It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation,”said Michael A. Brown, Symantec president and chief executive officer.
“Separating Symantec into two, independent publicly traded companies will provide each business the flexibility and focus to drive growth and enhance shareholder value.”
By separating, each company can now focus solely on what would make them successful. It also helps reduce confusion when it comes to operating both branches, and give them more flexibility with their strategies. Michael Brown added that both businesses would never reach their full potential if they stayed together forever. The logical choice was to split them up and let them be as good as they could possibly be.
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