Symantec's Internet Tools Established as Independent Company
Warburg, Pincus and BEA Systems Create New Company Focused on the E-Commerce Developer
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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