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Separation to Increase Focus and Strategic Flexibility for both Security and Information Management Businesses
MOUNTAIN VIEW, Calif. — October 9, 2014 – /BackupReview.info/ — Symantec Corp. (NASDAQ: SYMC) today announced that its Board of Directors has unanimously approved a plan to separate the company into two, independent publicly traded companies: one business focused on security and one business focused on information management (“IM”). Symantec’s decision to pursue a separation follows an extensive business review of the company’s strategy and operational structure. Creating two standalone businesses will allow each entity to maximize its respective growth opportunities and drive greater shareholder value.
“As the security and storage industries continue to change at an accelerating pace, Symantec’s security and IM businesses each face unique market opportunities and challenges. It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation,” said Michael A. Brown, Symantec president and chief executive officer. “Separating Symantec into two, independent publicly traded companies will provide each business the flexibility and focus to drive growth and enhance shareholder value.”
The separation will allow each company to:
Mr. Brown continued, “Taking this decisive step will enable each business to maximize its potential. Both businesses will have substantial operational and financial scale to thrive.”
Its unified security strategy has three primary elements:
The security business generated revenue of $4.2 billion in fiscal year 2014. The Security business will include: consumer and enterprise endpoint security; endpoint management; encryption; mobile; Secure Socket Layer (“SSL”) Certificates; user authentication; mail, web and data center security; data loss prevention; hosted security; and managed security services.
Information Management Business
The information management strategy will do three things to realize this vision:
The IM business generated revenue of $2.5 billion in fiscal year 2014. The Information Management business will include: backup and recovery; archiving; eDiscovery; storage management; and information availability solutions.
Gannon served as President and COO of Quantum. Prior to Quantum, he led HP’s commercial PC business. Rath joined Symantec in August 2012 and previously held senior tax and finance roles with Synopsys, Chiron and VERITAS.
The proposed separation is subject to customary conditions, including final approval by the company’s Board of Directors, the effectiveness of a Form 10 filing with the Securities and Exchange Commission, and satisfying foreign regulatory requirements. There can be no assurance that any separation transaction will ultimately occur and, if one does occur, there can be no assurances as to its terms or timing.
J.P. Morgan Securities LLC is serving as financial advisor to Symantec.
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