Symantec completes acquisition of Blue Coat to define the future of cyber security
Date: Thu, 08/04/2016 - 11:21
Greg Clark becomes CEO, Symantec
Image credited to Blue Coat
Symantec announced that it has successfully completed its acquisition of Blue Coat, Inc., a leading provider of web security for enterprises and governments worldwide. The acquisition of Blue Coat complements Symantec’s innovative product portfolio and creates the industry’s largest pure play cyber security company.
“At a time when the world faces more threats than it’s ever encountered before, I couldn’t be more confident in our ability to deliver what our customers need or more honored to lead Symantec’s next chapter of innovation and growth,” said Greg Clark, Symantec CEO. “With Blue Coat now part of Symantec, we are well positioned to solve the industry’s most difficult challenges of securing a mobile workforce, protecting the cloud and stopping advanced threats.”
Clark added, “Since announcing the transaction, our integration planning teams have been working diligently to capture the strengths of both companies. With our increased scale, portfolio and resources, large enterprises can now look to Symantec as a single strategic source for integrated solutions across endpoints, cloud and infrastructure to defend against sophisticated attacks and create a stronger, more cost-efficient security posture.”
With the acquisition of Blue Coat complete, Symantec has begun executing its integration strategy and accelerating its commitment to define the future of cyber security.
Dan Schulman, Symantec Chairman, said, “Nearly two years ago we announced our intention to become the leading pure play cyber security company. Today that intention becomes a reality, as we combine Symantec’s leadership in endpoint, email, data loss prevention and datacenter security with Blue Coat’s strength in cloud security with the #1 market share position at the secure web gateway. In the near term, we’ll be focused on ensuring a smooth integration for our customers. As we look ahead, I am confident we have the talent, capabilities and resources to help us drive profitable growth.”
“The global security landscape is becoming more complex, and threats more pervasive, while at the same time, our clients are looking for business outcomes,” said Matthew Gyde, Dimension Data’s group executive of security. “We’re seeing an increase in the adoption of cloud services for security, and clients also see potential cost-savings of moving to the cloud. The Symantec and Blue Coat combination is an exciting opportunity for the security industry, and particularly for our clients. We look forward to working together to help our clients accelerate their ambitions.”
An independent poll of enterprise buyers by industry research firm ESG Research shows that more than 75 percent of buyers are more likely or much more likely to buy from Symantec as a result of the combined portfolios1. “Based upon our quantitative research of cyber security and IT professionals, organizations are clearly excited about the prospects of getting access to the larger and more comprehensive cyber security portfolio from a combined Symantec-Blue Coat entity,” said Jon Oltsik, Sr. principal analyst at ESG. “Most point to the potential benefit of a more streamlined buying center and reduced costs resulting from a more integrated set of cyber security products and services.”
The combined company would have had approximately $4.2 billion in GAAP pro forma revenues in fiscal year 2016, of which 60% would come from enterprise security. On a pro forma, non-GAAP basis, the combined company would have had $4.4 billion in revenues in fiscal year 2016, of which 62% would come from enterprise security.
As previously announced, Michael Fey will serve as President and Chief Operating Officer and Thomas Seifert will continue to serve as Executive Vice President, Chief Financial Officer of Symantec. The combined company will be headquartered in Mountain View, Calif.