Mergers and Acquistions News
Categories: Software
May 20th 2011, 13:23PM
A $390 million (£240 million) acquisition deal has been agreed between software maker Symantec Corp and database specialist Clearwell Systems.
Symantec, the world's number five software provider, recently announced its plans to shore up its storage and cloud computing capability, which may have led to this deal.
Clearwell specialises in categorising and processing data, which is known as 'electronic discovery', so it could help the buying company to support its work in cloud, Reuters reported.
Deepak Mohan, senior vice-president for information management at Symantec, said: "As information continues to grow at unprecedented rates, the biggest challenge for customers is to protect, manage and back up this information, as well as have the ability to categorise and discover it efficiently."
This is one of several 'tuck-in' deals expected from Symantec over the coming months, the news provider said. Each will be made with the intention of boosting the company's technology portfolio.
Symantec is the company which provides popular anti-virus software Norton.
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