Symantec has confirmed its plans to separate into two independent, publicly traded companies.
Symantec first announced it planned to split in two in October of last year, just days after Hewlett-Packard announced a similar plan. The split will ultimately divide the company into separate Security and Information Management (IM) companies by the end of 2015.
“As the security and storage industries continue to change at an accelerating pace, Symantec’s security and IM businesses each face unique market opportunities and challenges. It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation,” said Michael A. Brown, Symantec president and chief executive officer.
“Separating Symantec into two, independent publicly traded companies will provide each business the flexibility and focus to drive growth and enhance shareholder value.”
Symantec will remain a security company and will continue to develop solutions in consumer and enterprise endpoint security, endpoint management, encryption, mobile secure socket layer certificates, user authentication, data loss prevention, hosted and managed security, and mail, web and datacentre security.
The new company, Veritas Technologies Corporation, will be responsible for running information management, covering backup & recovery, archiving, eDiscovery, storage management and information availability services. The company name comes from Veritas software, a data storage company Symantec acquired in 2005.
For more information please refer to the Symantec strategy website which is dedicated exclusively to this announcement.