Network Computing is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Veritas to Be Sold, Paper Says

The sale of Veritas Software Corp. (Nasdaq: VRTS) to Symantec Corp. (Nasdaq: SYMC) could be imminent, in a deal that exceeds $13 billion.

According to a report in the New York Times this morning, the two companies are on the verge of completing negotiations, though key items remain unresolved. The companies declined to comment, the paper said.

If the merger goes through at the price reported, it would be the second big-ticket marriage of software suppliers to happen this month, beating yesterday's announcement of the acquisition by Oracle Corp. (Nasdaq: ORCL) of PeopleSoft Inc. (Nasdaq: PSFT) for $10.3 billion (see The Price Is Right for PeopleSoft).

While not more than a blip on the storage software radar screen, Symantec, maker of the Norton series of antivirus products, has been pushing its line of backup and disaster recovery products, including LiveState Recovery Advanced Server 3.0, which runs on IP SANs from Network Appliance Inc. (Nasdaq: NTAP). (See IP SANs Are Sizzling.)

Veritas, in contrast, is the second-largest producer of storage software, according to recent figures from IDC (see IDC: Storage Software Hits $1.9B). In the third quarter 2004, the firm reported it took 21.7 percent of $1.9 billion in worldwide quarterly revenue, second to EMC Corp. (NYSE: EMC), which had a 31.8 percent share.

  • 1