CUPERTINO, Calif. -- March 5, 1996 -- Symantec Corporation (NASDAQ:SYMC) today announced a definitive agreement to acquire Fast Track, Inc., a Germantown, Maryland-based company that specializes in providing industry-leading server and device management solutions. These products will expand Symantec’s current network administration product offering which includes hardware and software inventory, software metering and distribution, network anti-virus protection, remote control, access control and network utilities that are sold as the Norton Network Series.
Valued at approximately $7.2 million, the acquisition will be a pooling of interests whereby all outstanding shares of Fast Track, Inc. stock will be exchanged for an aggregate of 600,000 shares of Symantec stock. The merger is expected to close in the June quarter.
Privately-held Fast Track, Inc. offers the Exposé and SuperMIB lines of distributed client/server network management software products. The products define the standard for server and SNMP device management providing a wide range of management tools under a central console for multiple networks and multiple network operating systems with unlimited scalability. In addition to supporting NetWare, NT and VINES networks, the product can leverage the networking backbone of the Internet for management of servers and devices connected over the Internet.
"Server installations are reaching record growth and the addition of Fast Track’s products to our network administration offering will provide customers a broad solution that will now encompass server and device management," said Ted Schlein, vice president of Networking and Client/Server Technology of Symantec. "Our expertise with the Norton Network Series of products has shown us there is a tremendous need in corporate computing to not only manage network desktop PCs but also the range of servers and devices that are connected to the network. By combining with Fast Track, we feel we can bring a technically strong solution to a serious IT challenge and deliver market leading functionality to our customers."
Enrique Salem, chief technology officer at Symantec said, "Our customers asked us for a seamless, integrated server management software solution that fits into the Norton Enterprise Framework (NEF). This is a natural merger of fully complementary cross-platform, NOS-independent and cross-protocol support-based technologies, where Symantec’s expertise is highly regarded. Fast Track’s products will give us a fast entry into a high growth area and enable Symantec to extend leadership in the network administration suites market."
"The combination of Symantec and Fast Track is a great boost for this market and will greatly benefit corporate information systems managers," said Robert H. Nichols, president of Fast Track, Inc. "There is an exciting synergy between Fast Track’s easy-to-use, robust product solution and Symantec’s proven market leadership in the network administration market as well as the breadth of Symantec’s corporate infrastructure that is standing ready to support the combined product solution."
Nichols will remain with Symantec as a consultant for at least one year, reporting to Catherine Ruggles, chief architect of Symantec’s networking business unit. The Fast Track offices and development group will be transitioned to Symantec’s Santa Monica, California facility.
Fast Track, Inc., is a leading developer dedicated to open network management. Exposé, the company’s flagship product was unveiled in 1990 and is the only distributed server and device management product for NetWare, VINES, Windows NT and SNMP. Exposé’s international customer base includes corporations and government agencies with networks that range from very small to some of the largest LANs and WANs in operation.
About Symantec Corporation
Symantec Corporation develops, markets, and supports a complete line of application and system software products designed to enhance individual and workgroup productivity as well as manage networked computing environments. Platforms supported include IBM personal computers and compatibles, Apple Macintosh computers as well as all major network operating systems. Founded in 1982, the company’s global operations span North America, Europe and several fast growing markets throughout Asia Pacific and Latin America. Information on the company and its products can be obtained by calling (800) 441-7234 toll free or (541) 334-6054.