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 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.