October 28, 2003 — (WEB HOST INDUSTRY REVIEW) — Symantec (symantec.com), a developer of Internet security technology, will acquire ON Technology (on.com), an infrastructure management software developer, in a cash transaction valued at approximately $100 million dollars, after the board of directors for both companies approved the acquisition on Monday. Under the terms of the agreement, ON Technology shareholders will receive $4 per share.
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The transaction is subject to closing conditions and regulatory approvals. The companies expect the deal to close by March 2004.
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According to the companies, ON’s technology will further strengthen Symantec?s enterprise administration and security business.
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“Enterprise infrastructure management and enterprise security must be intrinsically linked to protect today’s networked environments against the evolving threat landscape,” said Robert L. Doretti, chairman, president and chief executive officer of ON Technology. “By joining forces with Symantec, we can provide customers with industry-leading management solutions that take advantage of the most comprehensive source of threat and vulnerability intelligence.”
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ON’s solutions automate operating system migrations, software deployment, mobile and remote management, asset management, security and patch management and disaster recovery.
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“ON Technology’s leading software distribution and configuration management capabilities will be a critical component to the end-to-end management system Symantec is establishing to help our customers build, manage, and protect their IT infrastructures,” said John G. Schwarz, president and chief operating officer at Symantec. “In addition, the partnerships ON has to provide inventory and patch management are ideal complements to Symantec’s enterprise security portfolio, to help customers address the challenges of recognizing the holes in their IT environment and providing appropriate remediation.”
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Symantec’s acquisition follows its September purchase of storage management firm PowerQuest.
