June 14, 2016
Antivirus firm Symantec has announced plans to buy Blue Coat Systems which is a provider of security and networking solutions, say reports on Forbes and Financial Times. The buying price is fixed at $4.65 billion and Blue Coat CEO Greg Clark will take over as chief executive at Symantec.
This deal will reportedly make Symantec the world’s largest enterprise security business by revenues.
Bain Capital, which bought Blue Coat last year, will invest $750 million in Symantec while private firm Silver Lake has announced $500 million investment in the company, reports say. As part of the deal, Bain managing director David Humphrey will join Symantec’s board.
Promising to make Symantec fit and competitive, Clark has said the tie-up will result in $150 million of annual net cost savings, reports FT. Symantec’s revenue for the fourth quarter in May was down 6% year-on-year, reports Forbes, and earlier this year it sold its Veritas division for $7.4 billion, down $1 billion from its agreed price.
However, some in the information security industry have raised concerns that there may be a conflict of interest, because Symantec provides SSL certificates and Blue Coat provides man-in-the middle SSL inspection technologies.
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