Symantec Goes Ahead with Plans to Enter Encryption Market
Symantec, company that specializes in providing antivirus, antispyware, and internet security software solutions, announced that it completed the acquisition of the PGP Corporation and GuardianEdge Technologies, two companies that specialize in providing encryption technology. Until now, Symantec did not put a lot of focus onto encryption. This has all changed with the acquisition of PGP and GuardianEdge, two privately-held leaders in the email and data encryption market.
Symantec paid a grand total of $370 million for the two companies. Symantec paid $300 million in cash for PGP and $70 million in cash for GuardianEdge.
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As you may remember, back in May Symantec announced that it struck definitive agreements with the two companies. What Symantec wants to achieve with the acquisition of PGP and GuardianEdge Technologies is to be able to provide the broadest set of integrated data protection solutions. All major customer segments, from individuals and small businesses to large enterprises and governments, will find in Symantec all the tools they need to stay safe and protected.
“Businesses are looking for an information-centric approach to IT security, one that enables them to understand where their important information assets are and control who has access to them. With the integration of PGP and GuardianEdge, Symantec will deliver on the promise of making data protection more intelligent, policy-driven and easy-to-manage,” explained Francis deSouza, senior vice president, Enterprise Security Group, Symantec.
“We are already seeing an evolution toward ubiquitous encryption of sensitive data in applications, servers, databases, storage and networks,” said Jon Oltsik, principal analyst at Enterprise Strategy Group. “This will certainly protect data confidentiality but encryption and key management could quickly overwhelm IT organizations with new tasks and tools. With the combination of GuardianEdge and PGP, Symantec can address these issues as a one-stop-shop for enterprise encryption and key management. This should make Symantec especially popular with large security-focused organizations in financial services, health care, the federal government and other industries.”
It is official then – Symantec, who provides endpoint security and data loss prevention solutions, has entered the encryption market, a market that IDG estimates will reach $1.7 billion by 2013.
If you’re interested to know how GP and GuardianEdge complement Symantec's security portfolio, all you need to do is click here.
Symantec, company that specializes in providing antivirus, antispyware, and internet security software solutions, announced that it completed the acquisition of the PGP Corporation and GuardianEdge Technologies, two companies that specialize in providing encryption technology. Until now, Symantec did not put a lot of focus onto encryption. This has all changed with the acquisition of PGP and GuardianEdge, two privately-held leaders in the email and data encryption market.