Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Data Protection

Symantec to Acquire PGP Corporation and GuardianEdge

Symantec Corp. (Nasdaq: SYMC) today announced it would be making two key acquisitions, saying it has signed definitive agreements to acquire PGP Corporation and GuardianEdge Technologies, Inc., two privately-held leaders in the email and data encryption market. 

Symantec Corp. (Nasdaq: SYMC) today announced it would be making two key acquisitions, saying it has signed definitive agreements to acquire PGP Corporation and GuardianEdge Technologies, Inc., two privately-held leaders in the email and data encryption market. 

Symantec will acquire PGP Corporation for approximately $300 million in cash and GuardianEdge for approximately $70 million in cash.

The acquisitions will help position the company in the fast growing encryption market which, according to IDC, is estimated to reach $1.7 billion in 2013.Symantec PGP GuardianEdge

“As information becomes increasingly mobile, it’s essential to take an information-centric approach to security. Our market-leading data protection solutions provide the intelligence for customers to better understand what data is important, who owns it and who accesses it,” said Francis deSouza, senior vice president, Enterprise Security Group, Symantec. “With these acquisitions we can further protect information by using encryption in an intelligent and policy-driven way to give the right users access to the right information, enabling the trust that individuals and organizations need to operate confidently in an information-driven world. We’re now able to offer the industry’s most comprehensive solution across encryption and data loss prevention for protecting confidential data on endpoints, networks, storage systems and in the cloud.”

Following the acquisitions, Symantec plans to combine key features and functionality from each company’s products and standardize on the PGP key management platform in order to deliver centralized policy and key management capabilities across the entire suite of encryption solutions.

GuardianEdge, already a Symantec technology partner for Symantec Endpoint Encryption, will help the company expand in the government sector.

Upon close of the acquisitions, PGP Corporation and GuardianEdge will join the Enterprise Security Group led by Senior Vice President Francis deSouza.

The agreements are subject to customary closing conditions, including regulatory approvals, and are expected to close during the June quarter.

Written By

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Application Security

Many developers and security people admit to having experienced a breach effected through compromised API credentials.

Application Security

Electric car maker Tesla is using the annual Pwn2Own hacker contest to incentivize security researchers to showcase complex exploit chains that can lead to...

Cybercrime

A database containing over 235 million unique records of Twitter users is now available for free on the web, cybercrime intelligence firm Hudson Rock...

Application Security

Software maker Adobe on Tuesday released security patches for 29 documented vulnerabilities across multiple enterprise-facing products and warned that hackers could exploit these bugs...

Privacy

The EU's digital policy chief warned TikTok’s boss that the social media app must fall in line with tough new rules for online platforms...

Cybersecurity Funding

Los Gatos, Calif-based data protection and privacy firm Titaniam has raised $6 million seed funding from Refinery Ventures, with participation from Fusion Fund, Shasta...

Privacy

Meta was fined an additional $5.9 million for violating EU data protection regulations with WhatsApp messaging app.