Symantec to Acquire PC Tools
CUPERTINO, Calif. – Aug. 18, 2008 – Symantec Corp. (Nasdaq: SYMC), today announced it has signed a definitive agreement to acquire PC Tools, a global provider of innovative software products designed to protect the privacy and security of Windows® computer users. The financial terms of the acquisition are not being disclosed. The transaction is expected to close by the end of the calendar year and is subject to customary closing conditions and regulatory approvals.
With the addition of PC Tools, Symantec will expand its consumer product portfolio to include award-winning PC utilities software and point security technologies. PC Tools will help Symantec expand its reach with consumers in new emerging regional markets and will bring an array of go-to-market capabilities, that have been effective with consumers in many markets around the world.
"We are excited to welcome PC Tools into the Symantec consumer family and believe the combination of our two companies will provide additional value and choice for consumers worldwide to better enable and protect their digital life," said Janice Chaffin, Symantec Group President of Consumer Products. "By adding PC Tools, we build on the market-leading success of Symantec's consumer offerings and firmly position ourselves for continued incremental growth in a rapidly expanding market."
PC Tools will maintain separate operations within Symantec's consumer business unit, with Simon Clausen, PC Tools, Chief Executive Officer, leading the team and reporting to Janice Chaffin, Symantec Group President of Consumer Products. PC Tools will continue to offer their products under the PC Tools brand and serve its customers through its existing partners and channels. PC Tools is a privately held company headquartered in Australia, with offices in USA, UK, Ireland and the Ukraine. Their customers are located across the globe and their products are available in more than 196 countries.
Symantec is a global leader in providing security, storage and systems management solutions to help businesses and consumers secure and manage their information. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including expectations regarding the operations of PC Tools and Symantec, that involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in this press release. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors sections of Symantec's Annual Report on Form 10-K for the fiscal year ended March 28, 2008. Symantec assumes no obligation to update any forward-looking statement contained in this press release.
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