Symantec completes Clearwell acquisition

Stephen Withers
Tuesday, 12 July 2011 15:33

IT Industry - Deals

Symantec has completed its acquisition of electronic discovery specialist Clearwell Systems.

Symantec's acquisition of Clearwell Systems gives it one of the most comprehensive information management solutions available, company officials claimed.

As business documents and records increasingly exist only in electronic form, having the right tools to meet legal discovery requirements becomes critical when facing litigation. Judges in various jurisdictions have shown a disinclination to provide more time for parties to retrieve information.

"With this acquisition, we will help customers reduce costs across all phases of information management for litigation, investigations and regulatory compliance," said Deepak Mohan, senior vice president, information management group, Symantec. "By adding Clearwell's market leading eDiscovery solution to Symantec's information management portfolio, we further increase Symantec's ability to get the right information, to the right people, at the right time."

The purchase price was approximately $US390 million, excluding Clearwell's cash holding. The deal was struck in May.