Symantec Corp (SYMC.O) will purchase privately held database specialist Clearwell Systems for $390 million, as the world's No. 5 software maker focuses on shoring up its storage and cloud computing capability. The acquisition agreement comes a day after CEO Enrique Salem told the Reuters Global Technology Summit in New York his company will pursue a number of smaller, "tuck-in" acquisitions to boost its technology portfolio. The security software designer, which last year spent $2 billion on acquisitions, has come under pressure to hive off its storage division, but Salem told Reuters Monday he had no intention of doing so. Symantec said in a Thursday statement it hoped to close the deal by the end of September. Cloud computing refers to using offsite computers to store and manage data and access applications. Clearwell helps governments and corporations archive, store and manage "eletronic discovery" -- analyzying and processing data -- a market that Gartner estimates at $1.7 billion by 2014.
Symantec Corporation (Symantec) is a global provider of security, storage, and systems management solutions that help businesses and consumers secure and manage their information. Shares of SYMC fell by 0.56% or $-0.11/share to $19.57. In the past year, the shares have traded as low as $12.04 and as high as $20.50. On average, 8441760 shares of SYMC exchange hands on a given day and today's volume is recorded at 8730672.
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