Sunday, 18 August, 2019

Broadcom snaps up enterprise security business from Symantec in $10.7B deal

Symantec to Sell its Enterprise Security Assets to Broadcom for $10.7 Billion Broadcom Makes $10.7 Billion Deal to Buy Symantec Unit — 3rd Update
Russell Knight | 11 August, 2019, 20:11

For that, Broadcom receives Symantec's enterprise-focused business unit and the Symantec brand; Symantec as-is will retain its consumer-focused business unit, which will go forward using the Norton brand name.

The addition of Symantec's enterprise security portfolio is expected to significantly expand Broadcom's infrastructure software footprint as it continues to build one of the world's leading infrastructure technology companies.

Following that outcome Broadcom sought out mainframe software company CA, paying nearly $19 billion. The transaction is subject to regulatory approvals and other closing conditions.

For Symantec, its enterprise business had raked in around $2.3 billion in remunerations for the 2019 fiscal year, accounting for almost 50% of the company's income over the period.

Founded in 1982 by Gary Hendrix on the back of a National Science Foundation grant, California-based Symantec Corporation shifted focus from artificial intelligence applications and productivity packages to security software with the acquisition of Peter Norton Computing in 1990. "Companies like Cylance, Carbon Black, and CrowdStrike transformed security by addressing dire end-user needs and listening to customers". Its products include a cloud access security broker; endpoint protection; web and network security gateways; email; and data loss prevention software. It is heading for revenues of $22.5 billion in fiscal 2019, but added that the deal would add $2 billion in revenues to the company's turnover when the deal is finalised. In May, Symantec's former Chief Executive Greg Clark resigned abruptly, and its chief financial officer, chief operations officer and chief marketing officer have also recently departed. The leadership change came as Symantec was also investigating an accounting irregularity involved a $13 million customer transaction incorrectly reported as revenue.

Symantec, which will be left with consumer focused Norton LifeLock business, said it would issue a special dividend of Dollars 12 per share in the fourth quarter and buyback additional USD 1.1 billion worth of shares.

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The sale of its enterprise business will allow it to focus on its consumer line, which Symantec thinks it can grow.

Its offerings include its suite of consumer products, as well as Lifelock, a subscription service meant to help consumers detect identity theft incidents.

Symantec declared that the deal is expected to close before 2019 end. As a result, it plans to increase a share repurchase to $1.6 billion.

It said that it expects to return approximately 100% of the after-tax cash proceeds to shareholders in the form of a $12.00 per share special dividend in the fourth quarter of fiscal year 2020.

"With a large and growing market, Norton LifeLock products address consumers' increasing need for cyber safety", said Rick Hill, interim president and CEO.

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