Symantec get in ON in US$100m deal
Symantec get in ON in US$100m deal
Internet security technology provider Symantec has agreed to acquire systems management solution provider ON Technology in a cash transaction valued at approximately $100 million. Symantec believe that ON Technology's enterprise infrastructure management solutions will further strengthen its existing enterprise administration business and provide an ideal complement to the company's enterprise security business.
Under the terms of the agreement, ON Technology shareholders will receive US$4 per share. The transaction is subject to customary closing conditions, including ON Technology shareholder approval and regulatory approvals, and is expected to close by March 2004.
"ON Technology’s leading software distribution and configuration management capabilities will be a critical component to the end-to-end management system Symantec is establishing to help our customers build, manage, and protect their IT infrastructures," said John G. Schwarz, Symantec'c President and Chief Operating Officer. "In addition, the partnerships ON has to provide inventory and patch management are ideal complements to Symantec's enterprise security portfolio, to help customers address the challenges of recognising the holes in their IT environment and providing appropriate remediation."
"Enterprise infrastructure management and enterprise security must be intrinsically linked to protect today's networked environments against the evolving threat landscape," said Robert L. Doretti, Chairman, President and Chief Executive Officer of ON Technology. "By joining forces with Symantec, we can provide customers with industry-leading management solutions that take advantage of the most comprehensive source of threat and vulnerability intelligence."
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