Making data protection more intelligent, policy-driven and easy-to-manage while ensuring information is protected at rest, in use and in motion
SINGAPORE – May 7, 2010 – Symantec Corp. (Nasdaq: SYMC) announced that it has signed definitive agreements to acquire PGP Corporation and GuardianEdge Technologies, Inc., two privately-held leaders in the email and data encryption market, which will extend its ability to help customers secure and manage their most critical information. Under the terms of the agreements, Symantec will acquire PGP Corporation for a purchase price of approximately US$300 million in cash and GuardianEdge for a purchase price of approximately US$70 million in cash. The agreements are subject to customary closing conditions, including regulatory approvals, and are expected to close during the June quarter.
Encryption technology is an important element of an information-centric security solution, as critical information is increasingly on mobile devices and in the cloud. State and national governments are enacting more stringent and costly compliance mandates, such as the HITECH and UK Data Protection Acts, which are driving the need to encrypt sensitive information and protect an individual’s privacy. Also, the increased costs and frequency of data breaches are driving the adoption of encryption as companies strive to mitigate risk and protect their critical information from cybercriminals.
By bringing together PGP and GuardianEdge’s standards-based encryption capabilities for full-disk, removable media, email, file, folder and smartphone, with Symantec’s endpoint security, data loss prevention and gateway security offerings, Symantec will have
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