Symantec and Nexland have signed a letter of intent under which Symantec would purchase Nexland for US$21.7 million in cash, Nexland announced lastThursday in a press release.
Nexland, based in Miami, manufactures IP (Internet Protocol) networking appliances that are licensed by Symantec for its Symantec Firewall/VPN (virtual private network) Appliance products. In addition to its Firewall/VPN products, Symantec develops several software products designed to enhance both individual and corporate computer security.
Several hurdles remain before the deal is completed, including approvals from both companies' boards of directors, and a due diligence investigation by Symantec, Nexland said. Symantec is based in Cupertino, California.
Once a definitive acquisition agreement has been reached, the companies will file documents with the U.S. Securities and Exchange Commission, according to the release.