Symantec Merger with AXENT Technologies Approved by Shareholders
Creates Global Leader in Enterprise Security Solutions
CUPERTINO, Calif. - Dec 18, 2000 - Symantec Corp. (Nasdaq: SYMC) today announced that shareholders of both Symantec and AXENT Technologies voted and approved the merger of the two companies in a stock-for-stock deal that was originally announced on July 27, 2000. The merger will be completed when the filing of the merger certificate in Delaware becomes effective. Under the agreement, AXENT shareholders will receive, in a tax-free exchange, 0.50 shares of Symantec common stock for each share of AXENT common stock they own. Historical pro-forma financials on the combined company will be posted at www.symantec.com/invest/center.html.
"The Internet and private networks are essential tools for all businesses," said John W. Thompson, chairman, president and CEO of Symantec, "and standalone security products are no longer sufficient to prevent sophisticated intrusion and virus attacks. Enterprise customers are seeking best-of-breed security products that work well together, work well with products from other security vendors and are supported by integration services," Thompson continued. "This merger catapults Symantec to a market leadership position and allows us to deliver to customers enterprise-class products and support, a global network of certified partners and a full range of security services."
Symantec's product offerings now include market-leading virus protection, firewall, intrusion detection and vulnerability management solutions. The company's services offerings include security education and training, security assessment, technology implementation and managed security services. Forty-five of the top 50 U.S. corporations are currently using one or a combination of products supplied by both Symantec and AXENT. The expected revenue stream for the new company will make it the largest Internet security company in the industry.
Symantec, a world leader in Internet security technology, provides a broad range of content and network security solutions to individuals and enterprises. The company is a leading provider of virus protection, vulnerability assessment, intrusion prevention, Internet content and e-mail filtering, remote management technologies and security services to enterprises around the world. Symantec's Norton brand of consumer security products leads the market in worldwide retail sales and industry awards. Headquartered in Cupertino, Calif., Symantec has worldwide operations in 36 countries. For more information, please visit our Web site at www.symantec.com.
NOTE TO EDITORS:
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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.
AXENT, AXENT Technologies, the AXENT logo, Enterprise Security Manager, trust level management, and Lifecycle Security are trademarks or registered trademarks, in the United States and certain other countries, of AXENT Technologies, Inc. or its subsidiaries. Symantec is a registered trademark of Symantec Corporation.
FORWARD LOOKING STATEMENT This press release contains forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the risk that the Symantec and AXENT businesses will not be integrated successfully; the costs related to the merger; the difficulty of developing and marketing products that compete effectively with others and other economic, business, competitive and/or regulatory factors affecting Symantec's business generally. Actual results may differ materially from those contained in the forward-looking statements in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors sections of the Company's previously filed Form 10-K for the year ended March 31, 2000 and Form 10-Q for the quarter ended September 30, 2000.
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