By Michael Paige, MarketWatch
Last Update: 4:55 PM ET Aug. 16, 2005 LOS ANGELES (MarketWatch) -- Symantec Corp. late Tuesday said it struck a deal to acquire Sygate Technologies, a small privately held security software firm.
Symantec , the Cupertino, Calif., software company behind the popular Norton line of security products, said it expects the deal to close shortly after winning regulatory approvals.
Symantec expects to take on around 200 members of Fremont, Calif.-based Sygate as part of the deal, Symantec spokeswoman Genevieve Haldeman said. She also declined to provide financial details of the transaction.
Sygate provides so-called "end point" security technology that allows companies ensure all devices connected to their networks, such as desktop computers, notebooks, servers and mobile devices, are correctly configured and secured.
According to some estimates, the company had sales of approximately $15 million in 2003. Symantec's latest acquisition pales in comparison to its around $10.5 billion deal to recently acquire storage-software maker Veritas Software Corp.
Symantec's stock dipped to 2 cents to $21.37 in recent evening trading following the news. Shares ended the regular session down 22 cents, or 1%, at $21.39 and have ranged from $18.01 to $34.05 over the past 52 weeks.
Source:
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7BF4CA0890%2D78C2%2D4FEF%2D9F68%2DBD71F7DDEFDF%7D
This is bad news. There goes our favourite firewall.
Cheerz
Dave