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

Subscribe here for up-to-date channel news

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags business issuessymantecMergers and acquisitions

Featured

Slideshows

Tight lines as Hooked on Lenovo catches up at Great Barrier Island

Tight lines as Hooked on Lenovo catches up at Great Barrier Island

​Ingram Micro’s Hooked on Lenovo incentive programme recently rewarded 28 of New Zealand's top performing resellers with a full-on fishing trip at Great Barrier Island for the third year​ in a row.

Tight lines as Hooked on Lenovo catches up at Great Barrier Island
Inside the AWS Summit in Sydney

Inside the AWS Summit in Sydney

As the dust settles on the 2017 AWS Summit in Sydney, ARN looks back an action packed two-day event, covering global keynote presentations, 80 breakout sessions on the latest technology solutions, and channel focused tracks involving local cloud stories and insights.

Inside the AWS Summit in Sydney
Channel tees off on the North Shore as Ingram Micro hosts annual Cure Kids Charity golf day

Channel tees off on the North Shore as Ingram Micro hosts annual Cure Kids Charity golf day

Ingram Micro hosted its third annual Cure Kids Charity Golf Tournament at the North Shore Golf Club in Auckland. In total, 131 resellers, vendors and Ingram Micro suppliers enjoyed a round of golf consisting of challenges on each of the 18 sponsored holes, with Team Philips taking out the top honours.

Channel tees off on the North Shore as Ingram Micro hosts annual Cure Kids Charity golf day
Show Comments