Symantec Announces Sale of its Data Storage Business, Veritas
Software Security providers, Symantec have agreed a deal to sell Veritas, their data storage business to Carlyle Group LP in a deal worth between $7-8billion according to Bloomberg.
Carlyle Group LP are a private equity firm hoping to cash in on Veritas’ new portfolio of products designed to give customers better visibility of their storage and data centre networks.
Michael A. Brown, CEO of Symantec said: “Taking this decisive step forward will enable each business to maximize its potential. Both businesses will have substantial operational and financial scale to thrive.”
Despite continued growth, the sale of Veritas has been in the pipeline for some time, as part of Symantec’s larger plans to transform their business operations. They plan to separate their business into areas that focus on the development of security software for corporate and consumer clients.
This means a number of benefits to users of Symantec and Veritas, such as:
Veritas gains the financial backing of a firm with expertise and resources to accelerate the execution of its strategy and the ability to bring next-generation information management solutions to you even sooner. For Symantec, the financial resources from the sale will allow us to capitalize on the power of our telemetry to give you greater visibility into the threat landscape and paves the way to further expand our enterprise security product and services pipeline.
We’ve spent the past year working to separate our businesses so that each can pursue its own destiny with focused strategies, focused sales forces and focused missions. The sale simplifies the separation process, giving us even greater confidence that we can make this transition as seamless as possible for you.
There are still several months ahead of us before the sale is closed, but you can be certain that today’s announcement doesn’t impact our existing product or support strategies or our intention to deliver world-class products and services to market during this time. Additionally, I want to assure you that this transaction will not impact the way we do business together.