Feeds

Shareholders approve Symantec and Veritas marriage

No dogs or poets harmed

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Symantec and Veritas shareholders today gave the go ahead for the merger of the two software companies.

At a special meeting, Symantec revealed that 95 per cent of the votes cast were in favor of its purchase of Veritas - an all-stock deal originally tagged at $13.5bn. Veritas watched as 98 per cent of the votes cast by its shareholders approved the acquisition. The purchase should close on July 2 and create a security/storage software giant that touches consumers and business customers alike.

There were a few grumbles from large shareholders and analysts leading up to the vote. The pundits questioned whether slower-growing Veritas, which specializes in data backup and storage management, would weigh down a revitalized Symantec, which owns a large chunk of the security software market. The companies have argued that their businesses fit well together, creating a total data protection package. Investors seem to have bought this message.

In total, close to 506m Symantec shares went in favor of the deal with 28m shares against and 6m shares not voting.

"The new Symantec will help customers balance the need to both secure their information and make it available, thus ensuring its integrity," John Thompson, CEO of Symantec who will also run the combined company. "We believe that information integrity provides the most cost-effective, responsive way to keep businesses up, running and growing in the face of system failures, internet threats or natural disasters."

Veritec would appear to be gearing up for a long, protracted battle with Microsoft. Redmond has made it quite clear that it plans to attack the anti-virus and storage markets with force. Of course, it probably won't organize the troops fully or release code until 2010, so Symantec and Veritas have some time.

All in all, it was nice to see an IT mega-merger close without any dogs or poets being threatened. Maybe Larry and Carly learned a couple lessons. ®

Related stories

Veritas embraces 64-bit Windows/Linux on Opteron
Veritas plans to hand SEC $30m to end accounting saga
Veritas gets unusual services boost in Q1
Veritas preps secret weapon to ease licensing horror
Veritas CEO stays silent on Symantec dreams
Can compliance-challenged Veritas sell compliance?
Veritas CEO promises Symantec buy will be kind and gentle
Symantec outlines plans for Veritas
Symantec buys Veritas for $13.5bn stock

Beginner's guide to SSL certificates

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.