Symantec Corp. (NASDAQ: SYMC) has signed a definitive agreement to purchase privately held Clearwell Systems, Inc., a provider of eDiscovery software solutions.
Under the terms of the deal, Symantec will acquire Clearwell for approximately $390 million, net of Clearwell’s existing cash balance of approximately $20 million. The agreement is subject to customary closing conditions, including regulatory approval, and is expected to be completed in the September quarter.
“As information continues to grow at unprecedented rates, the biggest challenge for customers is to protect, manage and backup this information as well as have the ability to categorize and discover it efficiently, ” said Deepak Mohan, senior vice president, Information Management Group, Symantec. “The acquisition of Clearwell’s market-leading electronic discovery solution will further increase Symantec’s ability to get the right information, to the right people, at the right time, while reducing overall legal review costs and limiting risk.”
