he Companies Have Engaged PricewaterhouseCoopers and Bain & Company to Help Manage the Integration
CUPERTINO, Calif., and MOUNTAIN VIEW, Calif. - Jan. 17, 2005 - Symantec Corp. (Nasdaq:SYMC) and VERITAS Software Corp. (Nasdaq: VRTS) today announced the structure of the team responsible for managing the integration of the two companies. In addition, the companies have engaged PricewaterhouseCoopers to provide merger and acquisition services related to infrastructure planning and implementation and Bain & Company to help with the integration of customer facing functions.
"Symantec and VERITAS are highly complementary in terms of product lines, account coverage structure, and go-to-market approaches," said John W. Thompson, Symantec chairman and chief executive officer. "At the same time, we are taking an approach that is both pragmatic and realistic when it comes to the integration challenges that lie ahead. Our synergies, along with the commitment of both companies' employees and the integration teams, should help make the integration process more manageable."
Ed Gillis, VERITAS chief financial officer, will lead the overall integration planning and management efforts for both companies. Gillis is establishing the integration management office and forming joint teams to begin the planning.
Led by representatives from both companies, the joint teams will be focused on
- Planning for the sales, services and business development structure;
- Outlining the lines of business and developing the technology roadmap;
- Detailing the combined company's go-to-market plans;
Integrating the services and support organizations; and
- Combining the finance, infrastructure and legal operations.
About VERITAS Software
VERITAS Software, one of the 10 largest software companies in the
world, is a leading provider of software to enable utility computing.
In a utility computing model, IT resources are aligned with business
needs and business applications are delivered with optimal performance
and availability on top of shared computing infrastructure, minimizing
hardware and labor costs. With 2003 revenues of $1.75 billion, VERITAS
delivers products and services for data protection, storage and server
management, high availability and application performance management
that are used by 99 percent of the Fortune 500. More information about
VERITAS Software can be found at www.VERITAS.com.
Symantec is the world leader in providing solutions to help individuals and enterprises assure the security, availability, and integrity of their information. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products, please view the Symantec Press Center at http://www.symantec.com/about/news/release/index.jsp on Symantec's Web site. All prices noted are in US dollars and are valid only in the United States.
Symantec, the Symantec logo, VERITAS, and the VERITAS logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the United States and certain other countries. Additional company and product names may be trademarks or registered trademarks of the individual companies and are respectfully acknowledged.
Forward Looking Statements
This press release contains forward-looking statements, including expectations regarding the post-closing integration of the businesses and product lines of Symantec and VERITAS and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, achievements or business or product lines to differ materially from those expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating merged businesses and uncertainties as to the timing of the merger and the integration of the businesses after the closing of the merger. Additional information concerning these and other risk factors is contained in the Risk Factors sections of Symantec's and VERITAS' most recently filed Forms 10-K and 10-Q. Symantec and VERITAS undertake no obligation and do not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
Additional Information and Where to Find It
Symantec Corporation and VERITAS Software Corporation intend to file
a registration statement on Form S-4 containing a joint proxy statement/prospectus
in connection with the merger transaction involving Symantec and VERITAS.
Investors and security holders are urged to read this filing
when it becomes available because it will contain important information
about the merger transaction.
Investors and security holders
may obtain free copies of these documents (when they are available)
and other documents filed with the SEC at the SEC's web site at www.sec.gov
In addition, investors and security holders may obtain free copies
of the documents filed with the SEC by Symantec by contacting Symantec
Investor Relations at 408-517-8239. Investors and security holders
may obtain free copies of the documents filed with the SEC by VERITAS
by contacting VERITAS Investor Relations at 650-527-4523.
Symantec, VERITAS and their directors and executive officers may be deemed
to be participants in the solicitation of proxies from the stockholders
of Symantec and VERITAS in connection with the merger transaction.
Information regarding the special interests of these directors and
executive officers in the merger transaction will be included in the
joint proxy statement/prospectus of Symantec and VERITAS described
above. Additional information regarding the directors and executive
officers of Symantec is also included in Symantec's proxy statement
for its 2004 Annual Meeting of Stockholders, which was filed with
the SEC on July 30, 2004. Additional information regarding the directors
and executive officers of VERITAS is also included in VERITAS' proxy
statement for its 2004 Annual Meeting of Stockholders, which was filed
with the SEC on July 21, 2004. These documents are available free
of charge at the SEC's web site at www.sec.gov
and from Investor Relations at Symantec and VERITAS as described above.