Symantec to Sell Application Performance Management Business to Vector Capital
January 17 2008 - 4:05PM
Marketwired
CUPERTINO, CA today announced that it has signed a definitive
agreement to sell its Application Performance Management (APM)
business to Vector Capital, a San Francisco-based private equity
firm specializing in spinouts, buyouts and recapitalizations of
established technology businesses. Upon closing, the APM business
will operate as a new, stand-alone company called Precise Software
Solutions Inc. The transaction, which is subject to certain
customary conditions, it expected to close by the end of the first
calendar quarter of 2008.
"Vector Capital has a proven track record for building strong
technology businesses out of divisions it purchases and will
provide Symantec's APM customers with a more dedicated focus and
investment," said Greg Butterfield, interim group president,
Storage and Server Management Group, Symantec. "Selling the APM
business will allow the Storage and Server management team to focus
on securing and managing information."
"Having successfully spun out divisions from both Intel and
Raytheon, Vector Capital has a strong track record of restoring
focus and growth to non-core divisions of the largest global
technology companies," said Chris Nicholson, partner at Vector
Capital. "We are committed to taking great care of customers,
delivering innovative products and creating future opportunities
for the employees of this business."
Upon closing of the transaction, Precise Software Solutions will
take over all development, product management, marketing and sales
for the APM business. To ensure a smooth transition for customers
and the new company overall, Symantec will continue to support the
APM business post closing via a transition services agreement.
Additionally, Symantec and Vector have signed an agreement allowing
Symantec to continue to sell APM software and support to its
customers. Further, Symantec will continue to honor the terms and
conditions of its support commitments to its customers, and will
leverage the APM personnel transferred over to Precise Software
Solutions to ensure continuity of support.
About Vector Capital
Vector Capital is a leading private equity firm specializing in
spinouts, buyouts and recapitalizations of established technology
businesses. Vector identifies and pursues these complex investments
in both the private and public markets. Vector actively partners
with management teams to devise and execute new financial and
business strategies that materially improve the competitive
standing of these businesses and enhance their value for employees,
customers and shareholders. Among Vector's notable investments are
LANDesk Software, Savi Technology, SafeNet, Corel Corporation
(NASDAQ: CREL), Printronix, Register.com, Tripos, WinZip and
Watchguard Technologies. For more information, visit
www.vectorcapital.com.
About Symantec
Symantec is a global leader in infrastructure software, enabling
businesses and consumers to have confidence in a connected world.
The company helps customers protect their infrastructure,
information and interactions by delivering software and services
that address risks to security, availability, compliance and
performance. Headquartered in Cupertino, Calif., Symantec has
operations in more than 40 countries. More information is available
at www.symantec.com.
NOTE TO EDITORS: If you would like additional information on
Symantec Corporation and its products, please visit the Symantec
News Room at http://www.symantec.com/news. All prices noted are in
U.S. dollars and are valid only in the United States.
Symantec and the Symantec Logo are trademarks or registered
trademarks of Symantec Corporation or its affiliates in the U.S.
and other countries. Other names may be trademarks of their
respective owners.
FORWARD-LOOKING STATEMENTS: This press release contains
statements that may be considered forward-looking within the
meaning of the U.S. federal securities laws, including statements
relating to the closing of the sale of Symantec's APM business to
Vector Capital and relating to the post-closing relationship
between Symantec and Vector Capital. These statements are subject
to known and unknown risks, uncertainties and other factors that
may cause actual results to differ materially from results
expressed or implied in this press release. Additional information
concerning these risk factors is contained in the Risk Factors
section of Symantec's Annual Report on Form 10-K for the year ended
March 30, 2007.
CONTACTS: Symantec Corp: Yunsun Wee Corporate Communications
424-750-7582 ywee@symantec.com Helyn Corcos Investor Relations
408-517-8324 hcorcos@symantec.com Vector Capital: Layla McHale
Corporate Communications 408-981-6394 pr@vectorcapital.com
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