October 28, 2003
News Factor: Symantec Targets SMBs with $100M ON Buy
Symantec (Nasdaq: SYMC) has announced the cash purchase of Waltham, Massachusetts-based ON Technology for US$100 million. With the purchase, the Cupertino, California-based security-software firm adds to its product line tools to automate security updates on individual computers.
The deal amounted to a stealth move, catching even some of Symantec's public relations officials off guard. The firm, which makes its living off quick turnaround responses to security issues, already had gotten a green light from the boards of both companies before making the announcement. The $4 per-share offer still must be approved by ON shareowners. (full story)
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