Symantec Corp has announced the acquisition of Blue Coat Systems Inc in a $4.65 billion deal. Blue Coat Chief Executive Greg Clark will take over as the new CEO of Symantec post the completion of the deal.
Blue Coat provides enterprises security from cyber attacks and will complement Symantec's existing portfolio for enterprises. With the acquisition Symantec, will be better equipped to compete with security players such as FireEye Inc, Palo Alto Networks Inc, and Check Point Software Technologies Ltd. Symantec. After the acquisition 62% of Symantec's revenue will now come from enterprise security.
"Blue Coat brings capabilities from the web and for network-born threats, which combined with what we already offer will provide better protection for our customers," said Ajei Gopal, Symantec's interim president and chief operating officer.
In a joint interview, Symantec Chairman Daniel Schulman and Mr. Clark stated that the combined companies would become a security juggernaut with more than 3,000 engineers on board.
“This is an extremely compelling combination,” Mr. Schulman said. “We now are going to have the scale, the portfolio of products and services, and the resources necessary to protect customers against a constantly evolving threat landscape.”
“There is virtually no product overlap between Blue Coat and Symantec,” Mr. Clark added.
The deal is Symantec’s biggest, since it's purchased Veritas Software in 2005 and is a part of the company's effort to revive its fortunes after it has been facing a series of declines in the last few years.
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