Feeds

Shareholders approve Symantec and Veritas marriage

No dogs or poets harmed

  • alert
  • submit to reddit

Build a business case: developing custom apps

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

The essential guide to IT transformation

More from The Register

next story
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
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?