Symantec to Acquire Security Vendor Axent

FRAMINGHAM (07/27/2000) - In a move that would combine two security software vendors, Symantec Corp. Thursday announced a deal to acquire Axent Technologies Inc. in a stock-swap transaction valued at about US$975 million.

John Thompson, chairman and CEO of Symantec in Cupertino, Calif., said in a statement that the purchase of Rockville, Md.-based Axent "is a major step forward in aggressively implementing our enterprise strategy." The combined company is expected to have total revenue of about $1 billion for the fiscal year ending next March, with more than 60 percent coming from corporate users, Symantec said.

The acquisition, which is due to be completed by December, will combine Symantec's virus protection software with vulnerability assessment and intrusion detection products developed by Axent.

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