Security software giant tries to get firmer hold in compliance security segment.
By Priya Ganapati
October 3, 2005
Symantec continued its acquisition spree on Monday with the $209-million buyout of BindView, a security compliance firm.
The deal comes barely two weeks after Symantec’s last acquisition and is the company’s third acquisition in as many months.
The all-cash transaction valued BindView at $4 per share, a 14 percent premium over Friday’s price, and is expected to be completed in the first quarter of 2006. BindView shares rose $0.37 to $3.87 in recent trading. Symantec shares climbed $0.34 to $23.00.
BindView focuses on the fast-growing area of compliance-related security. Companies are required to keep up with regulations imposed by the Sarbanes Oxley Act, HIPAA, and Federal Information Security Management Act, among others. Firms like BindView help them cover vulnerabilities, protect information, and provide secure access.
Founded in 1990, BindView had its initial public offering on Nasdaq in 1998. In 2004, it clocked revenue of $72.9 million from over 5,000 customers including many mid-sized companies across major industries. The Houston, Texas-based company has 550 employees worldwide.
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