CUPERTINO, Calif. – Dec. 13, 1999 - Symantec Corporation (NASDAQ:SYMC) today announced the establishment of its Internet Tools business unit as an independent company, owned by Warburg, Pincus and BEA Systems (NASDAQ:BEAS). Symantec signed a definitive agreement concerning the purchase of the Visual Café product line and its principal assets for a one time cash payment of $75 million. As part of the agreement, the Internet Tools personnel will have the opportunity to join the new company.
"The independence of the Internet Tools business unit will allow Symantec to focus on its core competency in Internet security," said John W. Thompson, Symantec chairman, president and CEO. "Our Visual Café customers will benefit from this new company's focus on the needs of customers involved in building web-enabled systems and extending their legacy applications."
Completion of the transaction is dependent upon termination of waiting periods for the Hart Scott Rodino anti-trust filing with the Department of Justice and satisfaction of customary closing conditions.
Symantec, a world leader in Internet security technology, provides content security solutions to enterprise organizations and helps companies manage and support workforces that use computers and other mobile devices.
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