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Symantec Might Have Buyer for Veritas Data Storage Unit

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Looks like Symantec may not spin out its Veritas data storage arm after all. The security company has found a possible buyer instead in private equity firm Carlyle Group LP, Bloomberg reported. The price, still under negotiation, is said to fall  between $7 billion and $8 billion. Symantec, which purchased Veritas in 2005 for approximately $13.5 billion, had previously planned to carve out the unit as a separately traded business under the Veritas Technologies name. Revenue in its Information Management segment for the fiscal year ending April 3 was up only 2 percent, to $2.56 billion; operating income was down 15 percent, to $486 million.

Matt Cain, Symantec EVP and chief product officer, assured customers and partners that the company was prepared to succeed as a standalone, and to push deeper into hybrid, heterogeneous storage and virtualized environments.  With that, the company announced five product releases and updates to “foundational” and “next-gen” products.

Updates to foundational products include:

  • v.7.7 of NetBackup, adding enhanced integration and support for VMware vSphere 6, Microsoft Hyper-V, NetApp clustered Data ONTAP (cDOT) and Microsoft SQL Server. New cloud connectors and other enhancements to  NetBackup also speed  performance (up to 30 times, according to Veritas’ release) and facilitate backups directed to cloud storage services such as those offered by Amazon Web Services, Google Nearline, Verizon, Hitachi Data Systems and Cloudian.  
  • Data Insight 5.0 extends unstructured data analytics, supporting governance across on-prem and Box cloud storage. Next-gen products will help extract intelligence from the data and metadata it stores.
  • Information Map will identify and visually present areas of risk, waste and value by extracting metadata from NetBackup, as well as storing it in the cloud. 
  • The Resiliency Platform is described as providing IT service continuity across multi-vendor physical and virtual environments.

Daniel Ives, analyst at FBR Capital Markets & Co., was quoted in Bloomberg Business as saying that the sale would give Symantec, for its part, the liquidity it needs to “help bulk up its next-generation cybersecurity.”

The deal would also mark the largest private-equity buy since Blackstone Group LP acquired Centro Properties Group’s U.S. shopping malls for about $9.4 billion.


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