Symantec Corp (SYMC.O) will purchase privately held database specialist Clearwell Systems for $390 million, as the world's No. 5 software maker shores up its storage and cloud computing capability. The agreement to buy Clearwell, which helps governments and corporations archive, analyze and process data, came after CEO Enrique Salem told the Reuters Global Technology Summit he will pursue a number of smaller, "tuck-in" acquisitions to boost its technology portfolio. Symantec, which spent $2 billion last year on acquisitions including the $1.28 billion takeover of VeriSign Inc, has come under pressure to split up or hive off its storage division, but Salem told Reuters he had no intention of doing so. Symantec said in a Thursday statement it hoped to close the deal by the end of September.
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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