Mergers and Acquistions News
Categories: IT Services & Consulting
October 15th 2008, 11:35AM
Computer software giant Symantec of the US is to purchase British firm MessageLabs for approximately $695 million (£395 million) in cash, it has been announced.
The Fortune 500 company, perhaps best known for the Norton Antivirus range of protection products, hopes that it will be able to extend its offering of online services with the takeover of the Gloucestershire business.
Chairman and chief executive John W Thompson remarked: "MessageLabs extends our investments in the software-as-a-service segment and will allow us to offer our customers unprecedented choice from a single provider of message security solutions."
The transaction will consist of payments of £310 million and $154 million, with the whole deal still subject to regulatory approval.
MessageLabs is the fifth company that Symantec has purchased this year and one of several dozen over the last decade.
In August, Symantec acquired nSuite Technologies and PC Tools, following up the spring takeovers of AppStream and SwapDrive.
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