Symantec Corp to acquire Clearwell Systems for $390 million

Symantec Corporation, the world's largest maker of security software, has enterd into a deal to acquire buy privately-held Clearwell Systems, for about $390 million, in order to position itself as a leader in archiving and eDiscovery solutions market.

The acquisition of Clearwell will bring together the industry's leading eDiscovery, archiving and backup offerings to provide customers one of the most comprehensive information management solutions available, said Symantec in a statement.

Under the terms of the deal, Symantec will acquire Clearwell for approximately $390 million, net of Clearwell's existing cash balance of approximately $20 million. The agreement is subject to customary closing conditions, including regulatory approval, and is expected to close in the September quarter.

Mountain View California-based Clearwell is a leader in Intelligent E-Discovery, transforming the way enterprises conduct e-discovery in regard to litigation, regulatory inquiries, and corporate investigations.

By automating the analysis and review of electronically stored information, Clearwell enables enterprises to reduce the cost, duration, and risk of e-discovery. Leading corporations, government agencies, and legal service providers are able to reduce e-discovery costs by as much as 80 per cent within days of their deployments.

It clients include large organisations such as Clear Channel Communications, Constellation Energy, Cisco, the US Department of Health and Human Services, Johnson & Johnson, Microsoft, NBC Universal and Toyota.