Security Software Maker Symantec to Buy Waltham, Mass.-Based On Technology
Posted on: Monday, 27 October 2003, 06:00 CST
Oct. 28--In its fourth acquisition of the year, security software firm Symantec Corp. will pay $100 million for On Technology Corp., a network management software firm in Waltham.
On makes software that allows large organizations to manage thousands of individual computers. For example, when Microsoft releases a new patch to repair a bug in one of its products, On's software lets the network administrators remotely install the patch on the machines that need updating. "We provide software to the enterprise to manage any device on any network at any time," said On president and chief executive Robert Doretti.
Symantec is one of the world's leading makers of security software, best known for its line of Norton antivirus and firewall programs. Apart from its retail software business, Symantec is also a major provider of security software for large enterprises. Since last year, the company has spent $570 million in a series of acquisitions aimed at beefing up its security product offerings. The most recent deal came last month, when Symantec paid $150 million for privately held PowerQuest Corp., a Utah maker of enterprise backup and software distribution products.
Gartner Inc. analyst Ray Paquet said the On acquisition would help flesh out Symantec's product line and strengthen the company's competitive posture. But he noted Symantec faces many larger rivals, including Microsoft Corp, with its SMS management product, and IBM Corp. with its Tivoli software. "It's a very difficult business to consistently make money in," Paquet said.
If shareholders approve the deal, On Technology investors will receive $4 cash for each share they hold. Doretti said he does not yet know his role after the acquisition, but said the company's operations in Waltham would continue. On has about 75 employees in Waltham, and about 125 at its European headquarters in Stamberg, Germany.
Symantec shares declined 37 cents to $65.22, while On Technology climbed 47 cents to $3.92, both on Nasdaq.
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