CUPERTINO, Calif. – Jan. 17, 2008 – Symantec Corp. (NASDAQ: SYMC) today announced that it has signed a definitive agreement to sell its Application Performance Management (APM) business to Vector Capital, a San Francisco-based private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Upon closing, the APM business will operate as a new, stand-alone company called Precise Software Solutions Inc. The transaction, which is subject to certain customary conditions, is expected to close by the end of the first calendar quarter of 2008.
“Vector Capital has a proven track record for building strong technology businesses out of divisions it purchases and will provide Symantec’s APM customers with a more dedicated focus and investment,” said Greg Butterfield, interim group president, Storage and Server Management Group, Symantec. “Selling the APM business will allow the Storage and Server management team to focus on securing and managing information.”
“Having successfully spun out divisions from both Intel and Raytheon, Vector Capital has a strong track record of restoring focus and growth to non-core divisions of the largest global technology companies,” said Chris Nicholson, partner at Vector Capital. “We are committed to taking great care of customers, delivering innovative products and creating future opportunities for the employees of this business.”
Upon closing of the transaction, Precise Software Solutions will take over all development, product management, marketing and sales for the APM business. To ensure a smooth transition for customers and the new company overall, Symantec will continue to support the APM business post closing via a transition services agreement. Additionally, Symantec and Vector have signed an agreement allowing Symantec to continue to sell APM software and support to its customers. Further, Symantec will continue to honor the terms and conditions of its support commitments to its customers, and will leverage the APM personnel transferred over to Precise Software Solutions to ensure continuity of support.
About Vector Capital
Vector Capital is a leading private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector's notable investments are LANDesk Software, Savi Technology, SafeNet, Corel Corporation (Nasdaq: CREL), Printronix, Register.com, Tripos, WinZip and Watchguard Technologies. For more information, visit www.vectorcapital.com.
Symantec is a global leader in infrastructure software, enabling businesses and consumers to have confidence in a connected world. The company helps customers protect their infrastructure, information and interactions by delivering software and services that address risks to security, availability, compliance and performance. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
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FORWARD-LOOKING STATEMENTS: This press release contains statements that may be considered forward-looking within the meaning of the U.S. federal securities laws, including statements relating to the closing of the sale of Symantec’s APM business to Vector Capital and relating to the post-closing relationship between Symantec and Vector Capital. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied in this press release. Additional information concerning these risk factors is contained in the Risk Factors section of Symantec’s Annual Report on Form 10-K for the year ended March 30, 2007.