Symantec Reportedly Buying Veritas

Security vendor Symantec has set its sights on storage powerhouse Veritas, according to published reports.

December 14, 2004

1 Min Read
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Acquisitive security giant Symantec is poised to buy storage management vendor Veritas Software in a deal worth at least $13 billion, according to a New York Times article published Tuesday.

Details were not immediately known, although the Times reported that a deal could be announced by as early as this week.

Brian Okun, director of marketing and sales at Chips Computer Consulting, a Symantec partner in Lake Success, N.Y., said such an alliance would extend Symantec's move to become a broader provider of technology for managing, protecting and backing up information.

"They are two companies that have both competitive and complementary product offerings. Where Veritas has products that Symantec doesn't, it really could fill in the entire information integrity message around the crucial point that Symantec is trying to drive home--it's all about the information," Okun said.

Veritas shares were up $3, or 12 percent, to $28.16 in early morning trading. Symantec shares, meanwhile, were down 13 percent, or $4.27, to $28.55.Symantec and Veritas could not be reached for comment.

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