CUPERTINO, Calif. - Feb. 14, 2000 -- Symantec Corporation (Nasdaq: SYMC) and L-3 Communications Network Security Systems, LLC, (L-3 Network Security) a majority owned subsidiary of L-3 Communications Corp. (NYSE: LLL) today announced they have signed a definitive agreement for Symantec to acquire the vulnerability management solutions, consulting business and employees of L-3 Network Security for a one-time cash payment of $20 million. With this acquisition, Symantec will gain RetrieverTM and ExpertTM, two leading security assessment and management products used by some of the world's largest organizations, as well as one of the most experienced teams of security consultants and engineers in the industry.
"As hackers and virus writers increasingly blend the types of attacks they unleash on the world's computers, enterprise customers are looking to their security partner to provide more comprehensive security services," said John W. Thompson, Symantec chairman, president and CEO. "With the acquisition of L-3 Network Security, Symantec will add Expert and Retriever to its best of breed solutions, expanding its security offering to meet a wide range of customer security needs including virus protection, internet content and e-mail filtering, risk analysis, vulnerability assessment and policy development."
"One of L-3's key strategies is to select applications from its defense electronic technologies, develop them into commercial products and then partner with or sell them to companies that have a proven marketing infrastructure. L-3 Network Security's vulnerability assessment solutions and security consulting business are a natural extension of Symantec's current security offering, and, as a leader in the worldwide market for Internet security and virus protection, Symantec has the commercial expertise, corporate channel reach and enterprise customer base to significantly expand this business," said Frank C. Lanza, chairman and chief executive officer of L-3 Communications. "L-3 Network Security's solutions have been well received by customers in the military and commercial world. Market potential for these solutions is substantial as more and more of the world's commerce is conducted over the Internet and we believe Symantec is best positioned to help enterprise customers protect their businesses as they open their networks for e-commerce."
Vulnerability Assessment Solutions
The Retriever TM and ExpertTM products give customers a foundation to quickly and effectively design, implement and manage network security policies to further protect their company's content. Together these solutions determine, monitor and enforce precise security levels and practices.
RetrieverTM provides proactive network security management that automatically discovers and maps network components, unobtrusively identifies vulnerabilities, offers safeguard and policy recommendations, and performs customizable network audits. Unlike other security tools, Retriever helps develop a baseline for implementing best-practice security policies that can be easily monitored and enforced without jeopardizing network performance.
ExpertTM is one of the industry's first solutions for comprehensive network risk analysis that can measure and manage network data and perform a meaningful business impact analysis. Expert identifies the assets and critical business functions most at risk to a company, and assesses the potential business impact and financial loss incurred in the event of a network attack or failure.
L-3 Communications will continue to serve the commercial information security market with a number of important products, including Integrated Key Management SystemTM (IKMSTM) and PrivatelTM. IKMSTM is an innovative security product that provides banks, corporations, and e-businesses with automatic key management of their cryptographic assets. PrivatelTM is personal telephone security device that enables users to speak securely with strong encryption and clear voice quality from virtually any telephone in the world.
Completion of the Transaction
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 has scheduled a conference call for 5:30 p.m. EST today to discuss this acquisition. Interested parties may access the conference call on the Internet through Vcall at www.vcall.com. 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.
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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