Symantec Completes The Acquisition Of L-3 Network Security's Vulnerability Assessment And Security Consulting Business
CUPERTINO, Calif. - March 9, 2000 -- Symantec Corp. (Nasdaq: SYMC) today
announced it completed the acquisition of the vulnerability assessment and
security consulting business of L-3 Network Security. The acquisition has
received clearance from the Department of Justice for the Hart Scott Rodino
Symantec announced, on Feb. 14, 2000, a definitive agreement to acquire the
vulnerability assessment and security consulting business of L-3 Network
Security, a majority owned subsidiary of L-3 Communications Corp., for a one-time
cash payment of $20 million.
With the completion of the acquisition, Symantec will employ the security experts
of L-3 Network Security. Members of the L-3 Network Security team who will join
Symantec have helped design and build the world's largest deployed intrusion
detection system, the world's largest virtual private network and the world's
first information risk management software. Additionally, other team members
crafted and implemented national security and technology policies in the United
States and the United Kingdom and founded the Defense Technology Security
Administration and served as its first director.
Symantec will also begin the integration of L-3 Network Security's vulnerability
assessment products, Retriever and Expert, into its best of breed security
offering. Some of the world's largest organizations use these products which
provide a foundation to quickly and effectively design, implement and manage
network security policies and further protect a company's content. Together these
solutions determine, monitor and enforce precise security levels and practices.
"By combining one of the most experienced teams of security consultants and
engineers in the industry with our content security experts, Symantec can provide
its customers a more robust offering of best-of-breed security solutions," said
John W. Thompson, chairman, CEO and president of Symantec Corporation. "Symantec
will also build on L-3 Network Security's reseller relationships, providing
extensive training, resources and ongoing sales support to ensure our reseller
partners are well-equipped to deliver superior cross-platform security solutions
that meet our customers' growing security needs."
"Effective systems security is critical to the unmatched market integrity that is
the hallmark of the Chicago Chicago Board of Trade," said Tom Greco, Information
Security Manager at the CBOT. "We look forward to working with the new
Symantec/L-3 Network Security team to ensure we continue to have the best
security technology in the business."
The acquisition of L-3 Network Security's business is Symantec's most recent
Internet security acquisition. Symantec also recently acquired URLab's I-Gear and
Mail-Gear businesses for email and Internet content filtering and WRQ's AtGuard
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.
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FORWARD LOOKING STATEMENT: This press release contains
forward-looking statements. There are certain important factors that
could cause Symantec's future development efforts to differ
materially from those anticipated by some of the statements made above.
Among these are the anticipation of the growth of certain market
segments, the positioning of Symantec's products in those segments,
the competitive environment in the software industry, dependence on
other products, changes to operating systems and product strategy by
vendors of operating systems, and the importance of new Symantec
products. Additional information concerning those and other factors is
contained in the "Risk Factors" section of the company's annual
report on Form 10-K for the fiscal year ended April 2, 1999 and all
quarterly reports filed subsequent to such date.
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