Utility software vendor Symantec Wednesday announced that it's acquiring antispam vendor Brightmail in a deal worth about US$370 million in cash.
In an announcement made after the financial markets closed, Symantec said it's buying Brightmail to complement Symantec's existing gateway-security products in the fight against unsolicited commercial e-mail.
The deal is expected to close by early July, according to the company.
"Spam has increasingly become one of the most severe threats to individuals and enterprises today, topping viruses as the number one problem plaguing email systems and administrators," John W. Thompson, Symantec's chairman and CEO, said in a statement. "Brightmail is the leader in helping enterprises, service providers and wireless carriers mitigate this threat."
Symantec had already made an investment in Brightmail in 2000 and now holds an approximately 11 percent equity stake in the company.
Enrique Salem, Brightmail's president and CEO, said in a statement that "by joining forces with Symantec, we can provide our combined base of customers around the world with the broadest messaging security solution in the industry."
Brightmail Antivirus already combines Symantec's award-winning antivirus technology with Brightmail's own offerings, according to the companies.
Brightmail customers include Avaya, eBay, Cisco Systems, Microsoft and Lucent Technologies.