Symantec Enters Agreement to Acquire Clearwell Systems
Symantec, company that specializes in providing antivirus, antispyware, and internet security software solutions, recently announced that it entered a definitive agreement to acquire Clearwell Systems, a privately-held company and a leader in the eDiscovery market. Symantec will pay approximately $390 million to acquire the company. The acquisition is expected to go through in the September quarter, pending customary closing conditions and regulatory approval.
In a press release Symantec explained that following the acquisition of Clearwell Systems it will provide one of the most comprehensive information management solutions on the market by integrating Clearwell Systems’ industry leading eDiscovery, archiving and backup offerings. Clearwell Systems’ eDiscovery solution will complement and enhance Symantec’s Enterprise Vault eDiscovery capabilities and will lead to the creation of a more complete end-to-end eDiscovery solution.
Furthermore, by acquiring Clearwell Systems, Symantec’s addressable market opportunity will expand; Symantec will be able to better position itself as a leader in the fast-growing eDiscovery software market, a market that grows 14% per year and is estimated to reach $1.7 billion by 2014 according to Gartner.
“As information continues to grow at unprecedented rates, the biggest challenge for customers is to protect, manage and backup this information as well as have the ability to categorize and discover it efficiently,” said Deepak Mohan, senior vice president, Information Management Group, Symantec. “The acquisition of Clearwell’s market leading electronic discovery solution will further increase Symantec’s ability to get the right information, to the right people, at the right time, while reducing overall legal review costs and limiting risk.”
“Archiving and eDiscovery are two critical elements of information governance,” said Aaref Hilaly, president and chief executive officer, Clearwell Systems. “By joining forces and combining the industry’s leading archiving solution with the industry’s leading eDiscovery solution, we will be uniquely positioned to deliver a seamless, integrated information governance workflow, benefiting both Symantec and Clearwell customers.”
In a press release Symantec explained that following the acquisition of Clearwell Systems it will provide one of the most comprehensive information management solutions on the market by integrating Clearwell Systems’ industry leading eDiscovery, archiving and backup offerings. Clearwell Systems’ eDiscovery solution will complement and enhance Symantec’s Enterprise Vault eDiscovery capabilities and will lead to the creation of a more complete end-to-end eDiscovery solution.
Furthermore, by acquiring Clearwell Systems, Symantec’s addressable market opportunity will expand; Symantec will be able to better position itself as a leader in the fast-growing eDiscovery software market, a market that grows 14% per year and is estimated to reach $1.7 billion by 2014 according to Gartner.
“As information continues to grow at unprecedented rates, the biggest challenge for customers is to protect, manage and backup this information as well as have the ability to categorize and discover it efficiently,” said Deepak Mohan, senior vice president, Information Management Group, Symantec. “The acquisition of Clearwell’s market leading electronic discovery solution will further increase Symantec’s ability to get the right information, to the right people, at the right time, while reducing overall legal review costs and limiting risk.”
“Archiving and eDiscovery are two critical elements of information governance,” said Aaref Hilaly, president and chief executive officer, Clearwell Systems. “By joining forces and combining the industry’s leading archiving solution with the industry’s leading eDiscovery solution, we will be uniquely positioned to deliver a seamless, integrated information governance workflow, benefiting both Symantec and Clearwell customers.”
