Symantec To Split Into Storage

Written by Computer Daily News      13/10/2014 | 09:34 | Category: SECURITY & SUPPORT

Symantec has confirmed it is splitting into two companies, a move that reverses a decade-old expansion effort by the biggest maker of security software

Symantec To Split Into Storage
Symantec said its cyber-security and data-storage divisions would become separate publicly traded companies.

"It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation," said CEO Michael Brown, who was promoted to the role last month, said.

"Separating Symantec into two, independent publicly-traded companies will provide each business the flexibility and focus to drive growth and enhance shareholder value."

Analysts and investors have long sought a break-up of the company, which has a market cap of $16.2 billion.

he second company to be created from this split will focus on Symantec's information management business - which generated $2.5 billion in fiscal 2014 - and offer services including backup and recovery, archiving and e-discovery. John Gannon will be GM of the new business and Don Rath will be its acting CFO, Symantec said.