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Symantec is close to buying Veritas - for more than $13 billion.
According to the New York Times this morning, negotiations between security giant Symantec and backup/storage giant Veritas that have lasted for more than a month are almost complete.
If successful, they would lead to "the announcement of a possible deal as early as this week," says the paper.
The NYT cited "executives close to the negotiations" as their source.
With 40% of the market for backup and archiving software, Veritas would bring Symantec just what it needs to round out its Norton line of security and maintenance products and turn the combined product lines into a one-stop computer software shop that would rival all-comers.
Veritas revenues last year were $1.75 billion, and its market cap is $10.6 billion.
About Jeremy Geelan Jeremy Geelan is Sr. Vice-President of SYS-CON Media & Events. He is Conference Chair of the all-new International Cloud Computing Expo series, of the International Virtualization Expo series, of AJAXWorld RIA Conference & Expo series, and of the long-running SOAWorld Conference & Expo series. He's founder of Cloud Computing Journal, Web 2.0 Journal, AJAX & RIA Journal and other leading SYS-CON titles. From 2000-6, as first editorial director and then group publisher of SYS-CON Media, he was responsible for the development of all new titles and i-Technology portals for the firm, and regularly represents SYS-CON at conferences and trade shows, speaking to technology audiences both in North America and overseas. He is executive producer and presenter of "Power Panels with Jeremy Geelan" on SYS-CON.TV.
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#5
Slow Down... commented on 14 Dec 2004
Give Veritas some time to respond to this offer. Its only 7:10 in California this morning and they are just getting ready for their first cup of coffee. I suspect there will be many more developments in the next several days.
#4
frankyu4 commented on 14 Dec 2004
>>>The Board of Directors of Veritas has not responded as of yet. I will be interested as to what their response is.<<<
They knew of the deal before...
"The two Silicon Valley-based companies have been discussing a deal for more than a month with an official announcement possible as early as this week, The New York Times reported Tuesday.... "
#3
minesweeper385 commented on 14 Dec 2004
The Board of Directors of Veritas has not responded as of yet. I will be interested as to what their response is.
#2
tiny_vrts_long commented on 14 Dec 2004
New York Times: "All we have at this point are rumors from various sources wire services, etc."
... all of which appear to follow the NYT line, so perhaps we have a single source. How reliable is the NYT historically?
#1
Take It Easy Guys commented on 14 Dec 2004
a month of talks is nothing - deals like this collapse all the time
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Symantec is close to buying Veritas - for more than $13 billion.
