Symantec set to buy Veritas?

By Stuart Finlayson

Dec 15, 2004: Security software vendor Symantec is in the advanced stage of talks with Veritas to acquire the back up software provider in a deal worth around US$13 billion, according to a report in the New York Times.

Should the deal go ahead, it would create something of a powerhouse in the software industry – a one-stop shop for back-up, recovery, security and management software – and would be one of the largest mergers the software industry has witnessed.

Symantec has been busy on the acquisition trail in recent months as it looks to broaden its portfolio of offerings to cover many facets of data protection, in addition to its traditional area of virus protection. Similarly, Veritas has also broadened its base from its roots as a storage software provider through a series of acquisitions, most notably through the recent acquisition of email archiving software vendor KVS.

Neither company has issued a statement to confirm or deny the report, while local representatives of both companies were similarly reluctant to discuss the rumoured deal, which insiders believe could go through as early as this week.

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