Symantec Corp. (NASDAQ: SYMC) agreed to acquire PGP Corporation and GuardianEdge Technologies, Inc., two privately-held firms in the email and data encryption market.
Symantec reports that under the terms of the agreements, Symantec will acquire PGP Corporation for a purchase price of approximately $300 million in cash and GuardianEdge for a purchase price of approximately $70 million in cash. The agreements are subject to customary closing conditions, including regulatory approvals, and are expected to close during the June quarter.
“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.”