A split Symantec: Less appealing to customers, more appealing to buyers
On Thursday, Symantec said that it would separate into two business units; one that focuses entirely on security, while the other sticks to information management.
Symantec’s announcement follows similar ones from Hewlett-Packard, which said they would spin off their PC and printer business into a new company called HP Inc., and eBay, which said that PayPal would be turned into a new publicly traded company.
In a statement, Michael Brown, Symantec’s president and CEO, said that separating would provide each business the flexibility and focus needed to drive growth and enhance shareholder value.
The concept of growth and value has been something Symantec has had to struggle with over the years. Many business leaders were left disappointed after Symantec’s $10.2 billion acquisition of storage vendor Veritas in 2005.