Symantec (NASDAQ: SYMC) plans to split its security and information management businesses into two independent, publicly-traded firms by the end of December 2015.
“It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation, ” Michael Brown, president and CEO of Symantec, said Thursday.
The security business will retain the name of Symantec.
Brown and Chief Financial Officer Thomas Seifert will continue in their respective positions at Symantec, which will include the mobile, endpoint management, encryption, SSL Certificates, managed security services, data loss prevention and other related security products and services.
John Gannon, a former president and chief operating officer of Quantum, will serve as general manager and Don Rath will be acting CFO at the information management-focused company that will include the backup and recovery, eDiscovery, storage management and information availability products and services.
J.P. Morgan Securities will serve as financial adviser in the transaction.
Symantec’s security business generated $4.2 billion in fiscal year 2014 revenue and the information management segment recorded $2.5 billion in revenue in the same time frame.