Symantec to Acquire Riptech
Becomes Leading Managed Security Services Provider
CUPERTINO, Calif. - July 17, 2002 - Symantec Corp. (Nasdaq: SYMC) today announced the acquisition of Riptech, Inc. for approximately US$145 million in cash. The combination of the two companies will create the leading provider of managed security services worldwide monitoring and managing the largest number of security devices across the broadest array of solutions. The acquisition, conditioned upon customary regulatory approvals and other customary conditions contained in the acquisition agreement, is expected to close by mid-August 2002.
"Riptech has been identified as the clear leader in managed security services, with the strongest vision for the future of the industry," said John W. Thompson, Symantec chairman and chief executive officer. "They bring a proven infrastructure along with industry-specific expertise in the power and energy, financial services, healthcare and telecommunications sectors that we can leverage worldwide."
"Riptech has seen tremendous success in the last few years, currently providing comprehensive security monitoring and management for more than 500 customers in 30 countries including 55 of the Fortune 500, emerging e-businesses and government agencies," said Amit Yoran, Riptech president and chief executive officer. "By joining the world leader in Internet security, we can leverage Symantec's financial stability, channel strength, technology leadership and world-class response capabilities to significantly change the landscape of managed security services."
The combination of Symantec and Riptech will create a global network of world-class Security Operations Centers operating around the clock in Virginia, Texas, the United Kingdom, Germany and Japan.
Through a unique combination of cutting-edge technology, operational 24x7 Security Operations Centers and unparalleled staff expertise, Riptech combines active security vigilance with customized management and immediate response. Riptech's proprietary Caltarian technology platform collects data, normalizes it and gives Riptech's industry leading security operations center analysts the tools they need to actively interpret and address all security data from an entire network. The vendor-neutral solution supports all major security products.
Symantec has scheduled a conference call for 5 p.m. EDT today to discuss fiscal first quarter results and the acquisition. Interested parties may access the conference call on the Internet at www.symantec.com/invest/ . To listen to the live call, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. In addition, conference call numbers are available. The listen-only number for domestic callers is 1-800-967-7184, while international listeners can dial 719-457-2633. A replay of the call will be available on the Internet at www.symantec.com/invest/ until Aug. 14, 2002.
Riptech, Inc., the premier provider of scalable, real-time managed security services, protects clients through advanced outsourced security monitoring and professional services. Riptech's unique Caltarian technology platform provides real-time information protection through around-the-clock monitoring, analysis and response. The Caltarian technology is capable of processing volumes of network security data to separate security threats from false positives in real-time, with carrier-class scalability. Additionally, Riptech's Security Professional Services group provides security policy development, assessment and auditing, penetration testing, incident forensics, and response. Riptech security specialists have secured hundreds of organizations, including Fortune 500 companies and federal agencies. Based on its analysis of attacks against a customer base of more than 400 companies in over 30 countries, Riptech regularly publishes the Internet Security Threat Report, which can be found at www.riptech.com. Founded in 1998 by Department of Defense security professionals and market experts, Riptech delivers its service globally and is headquartered in Alexandria, Va., with offices in major metropolitan areas.
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/PressCenter/ 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 STATEMENT:
This press release contains forward-looking statements, including forecasts of future revenue and earnings per share, expected industry patterns, and other financial and business results 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 sustainability of recent growth rates, particularly in consumer products; whether certain market segments, particularly enterprise security, grow as anticipated; the positioning of Symantec's products in those segments; the competitive environment in the software industry; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether Symantec can successfully develop new products and the degree to which these gain market acceptance. 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 Symantecís previously filed Form 10-K and Form 10-Q.
News Releases |