Norton antivirus software maker Symantec has agreed to sell its information management business, Veritas, for $8 billion to a group led by The Carlyle Group and GIC, Singapore’s sovereign wealth fund to enable the company to focus on its security software business.
Symantec which bought Veritas for $13.5 billion in 2005, said tha the all-cash transaction provides the company with significant proceeds to continue organic and inorganic investments in the rapidly growing market for security products and services.
The Carlyle Group has announced separately that Bill Coleman and Bill Krause will become CEO and Chairman, respectively, of Veritas upon closing of the transaction.
John Gannon, Symantec Executive Vice President and Veritas General Manager
Veritas will continue to provide next-generation information management solutions to serve the world’s largest and most complex environments, including multiple cloud deployments, managed services and on-premise infrastructure.
Michael A. Brown, Symantec president and CEO
This transaction strengthens our financial foundation, paving the way for Symantec to grow its security business and increase its lead as the world’s largest cybersecurity company. We believe the agreement with the investors, including The Carlyle Group and GIC, delivers an attractive and certain value for the Veritas business, and is in the best interests of all stakeholders.
