Symantec shares slide on news of Veritas buy
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Symantec moved a step closer to joining the ranks of the leading broad-based corporate software sellers yesterday as it announced a $12.5bn all-stock agreement to buy storage and data back-up company Veritas.
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(InfoWorld) - EMC and Symantec missed out on a boom in storage software sales in the second quarter, according to research by IDC. While the worldwide market for storage software grew 8.6 percent from a year earlier, to $2.5 billion, revenue from storage software dropped 3.2 percent at EMC and slipped 1.8 percent at Symantec. EMC remained the market leader, with storage software sales of $654 million and a 26.4 percent share of the market, but its share fell from 29.6 percent in the second quarter of 2005. EMC'sÂ share has been slidingÂ since 2004, according to previous IDC figures. Symantec, in second place, saw sales drop to $468 million and its share of the market slide to 18.9 percent from 20.9 percent a year earlier, according to IDC. SymantecÂ acquired storage software specialist Veritas SoftwareÂ in July 2005: IDC compared Symantec's latest storage software revenue with combined figures for the two companies before the merger. Storage software sales at IBM grew 34.9 percent year on year to $311 million, taking its share of the market to 12.5 percent, from 10.1 percent a year earlier. Network Appliance, in fourth place, grew even faster: its revenue from storage software jumped 57.5 percent to $222 million, giving it 9 percent of the market, up from 6.2 percent. This allowed it to overtake Hewlett-Packard, where storage software revenue slipped 2.7 percent and market share dropped to 5.7 percent from 6.3 percent a year earlier, IDC said. This is the 11th consecutive quarter of growth in storage software sales, IDC said. It attributed much of the growth to demand for storage replication systems, where sales grew 13.2 percent year on year, as companies make good on their disaster recovery and business continuity planning. Demand from archive and hierarchical storage management software (HSM) grew 32 percent, but from a much smaller base. IDC breaks the storage software market down into eight categories: as data protection and recovery; archive and hierarchical storage management (HSM); storage replication; storage management; storage device management; storage infrastructure; file system, and other storage software. (IDC is owned by International Data Group Inc., which also owns IDG News Service.)
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Ending days of speculation, security technology company Symantec Corp. said Thursday, Dec. 16, it will buy Veritas Software Corp., a provider of storage technology, for $13.5 billion in stock.
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Underscoring the convergence of security and storage software technology, Symantec Corp. and Veritas Software Corp. confirmed rumors when they announced Thursday that Symantec had agreed to acquire Veritas
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Computer security giant Symantec has agreed to buy storage and backup program maker Veritas Software to create the world's fourth largest software company. The all-stock acquisition was initially valued at &#36;13.5 billion, but the price quickly plummeted after investors weighed in on the merger.
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Precise set free for a fee Five years and thousands of broken dreams ago, Veritas ate application performance management software maker Precise for $609m. And now Symantec is offloading the pricey baggage.â¦
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SEPTEMBER 17, 2004 (IDG NEWS SERVICE) - Symantec Corp. has agreed to acquire @Stake Inc., a Cambridge, Mass.-based provider of IT security consulting services.
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Norton Antivirus software maker Symantec merges with Veritas Software in a $13bn deal.
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Looking for a cloud in Symantec&#39;s latest silver lining, competitors are hoping the company&#39;s acquisition of storage software maker Veritas will be a stumbling block for the security firm.
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Symantec has hired PricewaterhouseCoopers to help it integrate recently-acquired Veritas.
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Symantec Corp., the world&#39;s largest maker of anti-virus programs for computers, agreed to buy Veritas Software Corp. for $13.5 billion, the biggest software purchase in six years.
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Symantec Corp. will buy Veritas Software Corp. in an all-stock transaction, the companies announced Thursday. Based on Wednesday&#39;s closing stock prices, the deal values Veritas at around US$13.5 billion, they said.
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In a long-rumored move, security software maker Symantec said Thursday that it will buy storage specialist Veritas Software in a deal worth roughly $13.5 billion.
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Computer security giant Symantec Corp. is buying storage and backup program specialist Veritas Software Corp. to create the world's fourth-largest software maker, marking the latest merger in an industry trend that's expected to compress the competition to a few juggernauts.
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COMPUTER security giant Symantec has agreed to acquire storage and backup program specialist Veritas Software in an equity deal valued at around $13.5 billion ($17.8 billion).
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Symantec, which produces the Norton line of computer products, is in talks to acquire Veritas Software, a maker of data backup programs.
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NEW YORK/SAN FRANCISCO  - Symantec Corp. SYMC.O,  a maker of security software, on Thursday said it would buy  storage software maker Veritas Software Corp. VRTS.O for  $13.5 billion, creating the world's fourth-largest software  company.