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

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuessymantecMergers and acquisitions

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Mikael Ricknäs

IDG News Service
Show Comments

Father’s Day Gift Guide

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Armand Abogado

HP OfficeJet 250 Mobile Printer

Wireless printing from my iPhone was also a handy feature, the whole experience was quick and seamless with no setup requirements - accessed through the default iOS printing menu options.

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?