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Symantec is hoping to improve its position in the data encryption market with the $370 million acquisition of two privately held security firms.
Symantec on Thursday said it planned to buy PGP for $300 million in cash and GuardianEdge for $70 million in cash. The agreements, which are subject to customary closing conditions and regulatory approvals, are expected to close in the current quarter.
PGP and GuardianEdge offer technology for standards-based encryption of full-disks, removable media, files, folders and smartphones. Symantec plans to combine the technology with its own to address the growing need for encryption of data moving across an increasing number of mobile devices attached to corporate networks. Based on figures from IDC, the encryption market is expected to reach $1.7 billion in 2013.
Symantec said it would combine technology from both acquisitions and standardize it on the PGP encryption-key management platform in order to deliver centralized policy and key management capabilities. The PGP platform will then be integrated into Symantec's Protection Center, which provides consolidated access to threat, security and operational dashboards and reporting.
In addition, the new technology will enhance Protection Center's ability to manage endpoint security, prevent data loss and secure gateways, Symantec said.
On the customer side, PGP brings enterprise, small and medium-sized businesses and consumers to Symantec's customer base. GuardianEdge, which is already a partner, will boost Symantec's presence in the government sector.
Upon closing, PGP and GuardianEdge will become a part of Symantec's Enterprise Security Group led by Senior VP Francis deSouza.
Symantec has been on a buying spree this year. In January, Symantec said it would buy Gideon Technologies to boost Symantec's risk management offerings for the public sector. Financial terms were not disclosed.
Gideon extended Symantec's portfolio with security content automation protocol-validated configuration and vulnerability assessment technology. SCAP is a method for using specific standards to communicate software flaw and security information between security products.