Accenture Strikes Deal With Broadcom for Symantec's Cyber Services Business; Julie Sweet Quoted

Accenture (NYSE: ACN) has agreed to purchase Symantec’s cybersecurity services business from Broadcom (Nasdaq: AVGO) for an undisclosed sum.

“With the addition of Symantec’s Cyber Security Services business, Accenture Security will offer one of the most comprehensive managed services for global businesses to detect and manage cybersecurity threats aimed at their companies,” Accenture CEO Julie Sweet said in a statement published Tuesday.

Accenture expects the transaction to close in March, subject to customary closing conditions.

Symantec’s cyber services portfolio includes global threat analysis and monitoring through incident response support, threat intelligence services and network of security operation centers in the U.S., Australia, Japan, India, Singapore and the U.K.

The cyber business is part of Symantec’s enterprise security business, which Broadcom acquired for approximately $10.7B in November and now operates as NortonLifeLock (Nasdaq: NLOK). It has over 300 employees serving organizations across government, health, utilities, financial, media, communications, retail and technology industries.

Accenture made approximately $1.2B in fiscal year 2019 investments to fund 33 acquisitions in order to gain access to critical capabilities and skills in high-growth market areas.

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