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Symantec Buys BindView

Posted by iTech - 2005-10-05

Symantec kept up its buying spree Monday as it announced the planned purchase of Houston, Texas-based BindView Development for $209 million in cash.
Just over a week ago, Symantec said it would buy Austin, Tex.-based WholeSecurity, a 60-employee maker of anti-phishing and intrusion prevention software, for an undisclosed amount.

BindView is a bigger fish, with more than 500 employees and expected revenues in the third quarter of $17.7 to $18.1 million. Its technology, which Symantec characterized as agentless security policy compliance management, will complement the Cupertino, Calif.-based security giant's own policy and compliance software.

"Not only will we be able to meet customers' IT security and policy compliance needs with a complete range of product capabilities, but we will also be able to help reduce the cost and complexity associated with compliance," promised Ajei Gopal, a Symantec senior vice president, in a statement Monday.

The deal, which will require both government and BindView stockholder approval, should close in the first quarter of 2006, said Symantec.

In early trading Monday, Symantec's shares rose $.16 or 0.71 percent to $22.82, while BindView's jumped $.37 (10.6 percent) to $3.87 on the news, even though on Monday it also downgraded its estimated revenues for the quarter by as much as $3.4 million.

Symantec said it expects to pay $4 per share for BindView.

In mid-August, Symantec also said it had agreed to acquire the privately-held Sygate Technologies, a company that makes software which ensures remote systems comply with security policies before they're allowed to access a network.



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