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News Release Symantec to Acquire ON Technology ON Technology is Key Building Block to Symantec's Enterprise Administration Business CUPERTINO, Calif. and WALTHAM, Mass. – Oct. 27, 2003 – Symantec Corp. (Nasdaq: SYMC) and ON Technology Corp. (Nasdaq: ONTC) today announced that their boards of directors have approved the acquisition of ON Technology by Symantec in a cash transaction valued at approximately $100 million. ON Technology’s enterprise infrastructure management solutions will further strengthen Symantec’s existing enterprise administration business and provide an ideal complement to the company’s enterprise security business. Under the terms of the agreement, ON Technology shareholders will receive $4 per share. The transaction is subject to customary closing conditions, including ON Technology shareholder approval and regulatory approvals, and is expected to close by March 2004. “ON Technology’s leading software distribution and configuration management capabilities will be a critical component to the end-to-end management system Symantec is establishing to help our customers build, manage, and protect their IT infrastructures,” said John G. Schwarz, Symantec president and chief operating officer. “In addition, the partnerships ON has to provide inventory and patch management are ideal complements to Symantec’s enterprise security portfolio, to help customers address the challenges of recognizing the holes in their IT environment and providing appropriate remediation.” “Enterprise infrastructure management and enterprise security must be intrinsically linked to protect today’s networked environments against the evolving threat landscape,” said Robert L. Doretti, chairman, president and chief executive officer of ON Technology. “By joining forces with Symantec, we can provide customers with industry-leading management solutions that take advantage of the most comprehensive source of threat and vulnerability intelligence.” ON Technology solutions provide centralized and unattended management – including auto-discovery, OS and application deployment, ongoing updates such as patches, and software usage and license management – for a range of computing platforms and devices. ON Technology’s existing extensible and standards based architecture allows existing Symantec Ghost users to automatically deploy Ghost images and configuration changes—along with application and security patches—from a single unified administration console. ON Technology’s solutions automate OS migrations, software deployment, mobile and remote management, asset management, security and patch management and disaster recovery. It will play a significant role in augmenting Symantec's enterprise administration offerings. Organizations leverage the technology to significantly reduce IT costs, improve availability and reliability of business-critical applications and systems, and enhance both IT and end-user productivity. About ON Technology Corporation ###
ON Technology, ON Command, and ON Command CCM are registered trademarks, and the ON logo and ON iCommand are trademarks of ON Technology Corporation. Microsoft and Windows are either registered trademarks or trademarks of Microsoft Corporation in the United States and other countries. All other brand names and trademarks are properties of their respective owners. The statements in this press release that relate to ON Technology’s future plans, events and performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve a number of risks and uncertainties. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, including the current weakness in the global economy, demand for the Company’s products and services, performance of the Company’s direct and indirect distribution channels, competitive pressures, market acceptance of the Company’s new products and technologies, and the risk factors detailed from time to time in ON Technology’s periodic reports filed with the Securities and Exchange Commission, including without limitation the Company’s Quarterly Report on Form 10-Q for the third quarter of 2003 filed in November 2003. Actual results and performance may differ materially due to these and other factors. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. ON Technology undertakes no obligation to release publicly any updates or revisions to any forward-looking statements contained in this press release that may reflect events or circumstances occurring after the date of this press release.
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