Feeds

Symantec pays $123m for consumer online storage house

SwapDrive swaps owners

Beginner's guide to SSL certificates

Symantec Vision '08 Symantec has stealthily purchased the online storage firm SwapDrive, slipping a reported $123m into the startup's pocket to flesh-out the consumer side of Symantec's web services.

Both companies have been pretty quiet about the deal — but an insider source to TechCrunch cites the noteworthy figure Symantec was willing to pay for SwapDrive. A visit to the SwapDrive site or its sister location Backup.com makes the change of guard now rather obvious.

Symantec already runs web-hosted storage services, Online Backup and Online Storage, targeted only at small and medium businesses. The company opened the service doors in February, about a month after Symantec's storage management rival EMC officially took the reins of Mozy. (We should note, though, that neither company was very quick about entering the market.)

Symantec said in a statement that SwapDrive will be put to use in the Norton portfolio.

"With the completion of the SwapDrive acquisition, we are building a solid foundation upon which to offer our Norton customers a comprehensive solution to help secure and manage all of their digital information, across all of their devices."

A spokesman also confirmed today the deal is strictly for the consumer market. However, he wouldn't go into further details — deferring instead to another statement issued today that is somewhat dismissive of the buy.

The new statement calls it a "small, targeted acquisition" — which is certainly an odd description, if the $123m price tag is to be believed. To compare, EMC only paid an estimated $76m for Mozy. We'd say SwapDrive came out pretty well here.

SwapDrive says it controls more than 60 online backup services and brands. It provides wholesale storage pricing to partners, who then repackage the service and bump up the retail price.

The deal is expected to close by the end of its June 2008 quarter. ®

Security for virtualized datacentres

More from The Register

next story
It's Big, it's Blue... it's simply FABLESS! IBM's chip-free future
Or why the reversal of globalisation ain't gonna 'appen
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
Bitcasa bins $10-a-month Infinite storage offer
Firm cites 'low demand' plus 'abusers'
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
CAGE MATCH: Microsoft, Dell open co-located bit barns in Oz
Whole new species of XaaS spawning in the antipodes
Microsoft and Dell’s cloud in a box: Instant Azure for the data centre
A less painful way to run Microsoft’s private cloud
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.