Symantec acquires PGP

Symantec has signed definitive agreements to acquire PGP and GuardianEdge. Symantec will buy PGP for a purchase price of approximately $300 million in cash and GuardianEdge for approximately $70 million in cash.

The agreements are subject to customary closing conditions, including regulatory approvals, and are expected to close during the June quarter.

By bringing together PGP and GuardianEdge’s standards-based encryption capabilities for full-disk, removable media, email, file, folder and smartphone, with Symantec’s endpoint security and data loss prevention offerings, Symantec will have the broadest set of integrated data protection solutions.

Together these acquisitions will expand Symantec’s addressable security market opportunity and will position the company as a leader in the fast growing encryption market which, according to IDC, is estimated to reach $1.7 billion in 2013.

Symantec also intends to integrate the PGP key management platform into the Symantec Protection Center, which simplifies security information management by providing customers consolidated access to threat, security and operational dashboards and reporting.

Integrating the PGP key management platform into the Symantec Protection Center will further enhance the management of endpoint security, data loss prevention and gateway security products, which are also integrated with Symantec Protection Center, allowing customers to more seamlessly protect information.