Menu
Symantec finally sells Veritas for US$8 billion to investment group

Symantec finally sells Veritas for US$8 billion to investment group

Both Symantec and the separated Veritas are betting big on the cloud.

Symantec is selling its information management business, known as Veritas, to an investor group led by The Carlyle Group for US$8 billion as it looks to increase its focus on security.

The sale is something Symantec has been working on for the better part of a year. The group buying Veritas also includes GIC, Singapore's sovereign wealth fund, and other expected co-investors, Symantec said on Tuesday. Upon closing of the transaction, Symantec expects to receive about $6.3 billion in net cash.

The plan is to return some of the proceeds to shareholders while also giving development of security products and services a cash injection. Like most areas of IT, security is going though a major change thanks to the growing popularity of cloud services.

Symantec first revealed its intention to spin off its information management business in October last year, about 10 years after it acquired Veritas Software in a deal valued at approximately $13.5 billion. The rebirth of the Veritas brand was then announced in January.

For the separated Veritas, adapting products to work well with public and private clouds will also be key. This is something the company is already at work on.

For example, last month it presented an upgraded version of NetBackup. One of the main improvements offered by version 7.7 is better performance and interoperability of backups directed to cloud storage services such as those offered by Amazon Web Services, Google, Hitachi Data Systems, Verizon, and Cloudian, Symantec said at the time.

Other products Veritas will offer are Infoscale, Data Insight and Information Map. The latter is a cloud-based application meant to help enterprises gain better visibility into their unstructured data, according to Symantec.

The transaction is still subject to customary regulatory approvals and other closing conditions.

Send news tips and comments to mikael_ricknas@idg.com

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags business issuessymantecMergers and acquisitions

Slideshows

Meet the leading HP partners in New Zealand...

Meet the leading HP partners in New Zealand...

HP has recognised its top performing partners in New Zealand at the second annual 2016 HP Partner Awards, held at a glittering bash in Auckland. The HP Partner Awards recognises and celebrates excellence, growth, consistency and engagement of its top partners. This year also saw the addition of several new categories, resulting in 11 companies winning across 11 award categories.

Meet the leading HP partners in New Zealand...
Channel comes together as Ingram Micro Showcase hits Auckland

Channel comes together as Ingram Micro Showcase hits Auckland

Ingram Micro outlined its core focuses for 2017 at Showcase in Auckland, bringing together the channel for a day of engaging keynotes, compelling breakout sessions and new technologies.

Channel comes together as Ingram Micro Showcase hits Auckland
Show Comments