broadcom acquires symantec

broadcom acquires symantec

http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html. "Today represents an important milestone as Symantec's Enterprise Security business joins our other semiconductor and software franchises that together form the Broadcom platform," said Hock Tan, President and Chief Executive Officer of Broadcom. Broadcom is raising money to acquire Symantec, according to Bloomberg. Time: 2:00 PM Pacific (5:00 PM Eastern) These forward-looking statements are based on current expectations and beliefs of Broadcom's management, as well as assumptions made by, and information currently available to, Broadcom's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Broadcom's and Broadcom's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Enterprise Merger and acquisition Security Security Management. Cautionary Note Regarding Forward-Looking Statements These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Accordingly, you should not place undue reliance on such statements. Analysts and Accenture themselves weigh in on the deal. 1 Broadcom's 2020 first fiscal quarter begins November 4, 2019. The Bay Dynamics website does not mention a formal partner program or MSSP (managed security services provider) engagements. Mr. Gilliland most recently served as General Manager of Symantec's Enterprise Security business where he oversaw the Enterprise Security product and engineering teams, Enterprise Security Worldwide Sales and the Enterprise Security customer support organization. Symantec shares surged more than 20% in extended trading on Tuesday after Bloomberg reported that Broadcom is in advanced talks to acquire the security software vendor.. Symantec … The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Symantec's enterprise security business is recognized as an established leader in the growing enterprise security space and has developed some of the world's most powerful defense solutions that protect against today's evolving threat landscape and secure data from endpoint to cloud. Broadcom's solutions include data center networking and storage, enterprise and mainframe software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. If the Symantec deal doesn’t go through, Broadcom could work on a plan to acquire infrastructure software company Tibco. For more information, go to www.broadcom.com. However, Broadcom now intends to utilize excess cash flow beyond its dividend payments to focus on rapidly paying down debt as opposed to stock repurchases. Broadcom Inc. is in advanced talks to buy cybersecurity firm Symantec Corp., according to people familiar with the matter, seeking a further expansion into the more profitable software business. Broadcom believes this non-GAAP financial information provides additional insight into the Company's on-going performance and has therefore chosen to provide this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. The deal comes two months after San Jose-based Broadcom completed its $10.7 billion purchase of Symantec’s enterprise security business, which … Symantec also released earnings late Thursday. Broadcom Acquires Bay Dynamics: Symantec Partner Benefits. Symantec shares jumped almost 14% over trading on July 3rd following reports that it could potentially be acquired by Broadcom for $15 billion. Investor Relations Copyright © 2005 - 2020 Broadcom. http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html. ", "We are excited to join Broadcom as it continues to build one of the world's leading infrastructure technology companies," said Mr. Gilliland. Additionally, Broadcom expects to achieve double-digit cash-on-cash returns on its investment. Following the closing of the transaction, Broadcom will own and incorporate the Symantec brand name into the Broadcom portfolio. But it has retreated from an intraday high of 323 set on May 1. A reconciliation of Broadcom's GAAP to non-GAAP historical financial data is available in the Investor Center on its website. These statements include, but are not limited to, statements regarding the expected completion and timing of the proposed transaction, expected benefits and costs of the proposed transaction, and management plans relating to the proposed transaction, and statements that address Broadcom's expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company's and management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. HCL acquires the majority of Symantec's enterprise consulting team from Broadcom, which retains cybersecurity software portfolio but sheds consulting assets. Cautionary Statement Regarding Forward-Looking Statements. Conference call date: August 8, 2019 Broadcom Said to Be in Talks to Buy Symantec, the Security Software Maker Any deal would most likely value Symantec at more than $15 billion, two people briefed on the matter said. Broadcom today also reaffirmed its fiscal year 2019 revenue guidance of $22.5 billion, with $17.5 billion from semiconductor solutions and $5 billion from infrastructure software, as last provided in its second quarter fiscal year 2019 earnings release on June 13, 2019. Accenture will buy Symantec's Cyber Security Services business from Broadcom, in a deal that is expected to close in March. Broadcom is close to finalizing the acquisition of Symantec for more than $15 billion, the Financial Times reported. Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. Those risks, uncertainties and assumptions include: the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect Broadcom's business and the price of the common stock of Broadcom; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the asset purchase agreement; the effect of the announcement or pendency of the proposed transaction on Broadcom's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from ongoing business operations; the outcome of any legal proceedings that may be instituted related to the asset purchase agreement or the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; the ability of Broadcom to achieve its plans, forecasts and other expectations (including regarding expected revenues, returns and synergies) with respect to the acquired business after completion of the proposed transaction; and other risks described in Broadcom's and its predecessors' filings with the United States Securities and Exchange Commission, such as Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.Â. Broadcom believes access to the investment grade credit market is fundamental to its strategy and fully intends to maintain its investment grade credit rating. 212-355-4449. "Symantec's Enterprise Security business expands our footprint of mission critical infrastructure software for the Global 2000. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. About BroadcomBroadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual. by Joe Panettieri • May 29, 2020 HCL has acquired the majority of Symantec’s enterprise consulting team from Broadcom . This release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. This acquisition should help Broadcom … 408-433-8000investor.relations@Broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher 212-355-4449, View original content:http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html, Broadcom Completes Acquisition of Symantec Enterprise Security Business. Our filings with the SEC, which you may obtain for free at the SEC's website at https://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Symantec is an enormous company – currently valued at ~$15.5 billion – and would offer Broadcom further market share in the infrastructure software business. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this release, whether as a result of new information, future events or otherwise, except as required by law. Symantec Corp.'s stock climbed more than 12% during trading Thursday amid speculation of a deal, and added another 2.5% after hours. "Broadcom has a proven track record of successfully integrating companies, enabling enhanced growth and a faster pace of innovation, and we look forward to welcoming Symantec Enterprise customers, employees and suppliers to the Broadcom community.". Symantec Corp. is no longer Symantec, as the company changed its name following the completion today of Broadcom Inc.’s acquisition of its enterprise security … The addition of Symantec's enterprise … A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com. Accenture agreed to acquire Symantec’s Cyber Security Services business from Broadcom, Inc. Semiconductor and infrastructure software solutions supplier Broadcom is set to acquire Symantec in a $10.7 billion deal. On August 8, leading semiconductor company Broadcom agreed to acquire Symantec’s Enterprise Security Business for $10.7 billion. The addition of Symantec's enterprise security portfolio will significantly expand Broadcom's infrastructure software footprint as it continues to build one of the world's leading infrastructure technology companies. Accordingly, you should not place undue reliance on such statements. A replay of the call will be available for one week by dialing (800) 585-8367 (US) or +1 (404) 537-3406 (International) and the passcode is 7958018. Forward-looking statements speak only as of the date of this communication. We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base."Â. Copyright © 2005 - 2020 Broadcom. Broadcom's Strategy for its Symantec Deal Has a Lot in Common with its CA Deal As is the case with CA, Broadcom wants to significantly cut the spending of Symantec… Broadcom, the semiconductor maker, struck a $10.7 billion deal to buy Symantec’s enterprise-security business focused on sales to companies, in a drive to expand beyond chips. Broadcom will host a conference call to discuss details of the transaction. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. With product lines across endpoint security, web security services, cloud security and data loss prevention, Symantec's enterprise security business offers its customers a best-in-class suite of integrated enterprise security solutions. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. Other particular uncertainties that could materially affect future results include risks associated with: any loss of Broadcom's significant customers and fluctuations in the timing and volume of significant customer demand; Broadcom's dependence on contract manufacturing and outsourced supply chain; any other acquisitions Broadcom may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired companies with Broadcom's existing businesses and Broadcom's ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; global economic conditions and concerns; government regulations and trade restrictions; Broadcom's ability to accurately estimate customers' demand and adjust its manufacturing and supply chain accordingly; Broadcom's significant indebtedness, including the additional significant indebtedness that Broadcom expects to incur in connection with the proposed transaction, and the need to generate sufficient cash flows to service and repay such debt, and ability to maintain an investment grade credit rating; dependence on and risks associated with distributors of Broadcom products; dependence on senior management and Broadcom's ability to attract and retain qualified personnel; international political and economic conditions; Broadcom's dependency on a limited number of suppliers; quarterly and annual fluctuations in operating results; the amount and frequency of Broadcom stock repurchases; cyclicality in the semiconductor or enterprise software industry or in target markets; Broadcom's competitive performance and ability to continue achieving design wins with its customers, as well as the timing of any design wins; prolonged disruptions of Broadcom's or its contract manufacturers' manufacturing facilities or other significant operations; Broadcom's ability to improve its manufacturing efficiency and quality; Broadcom's involvement in legal or administrative proceedings; Broadcom's dependence on outsourced service providers for certain key business services and their ability to execute to Broadcom's requirements; Broadcom's ability to maintain or improve gross margin; Broadcom's ability to protect its intellectual property and the unpredictability of any associated litigation expenses; compatibility of Broadcom's software products with operating environments, platforms or third-party products; Broadcom's ability to enter into satisfactory software license agreements; sales to Broadcom's government clients; availability of third party software used in Broadcom's products; use of open source code sources in Broadcom's products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; Broadcom's ability to sell to new types of customers and to keep pace with technological advances; market acceptance of the end products into which Broadcom's products are designed; Broadcom's ability to protect against a breach of security systems; changes in accounting standards; fluctuations in foreign exchange rates; Broadcom's provision for income taxes and overall cash tax costs, legislation that may impact its overall cash tax costs and its ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. Investor Relations Beatrice F. Russotto 408-433-8000investor.relations@broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher Under the terms of the asset purchase agreement, which has been approved by the Broadcom Board of Directors, Broadcom will pay Symantec$10.7 billion in cash at closing. The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. Chipmaker Broadcom is buying cybersecurity specialist Symantec Corporation's enterprise security business for $10.7 billion in cash, the companies announced Thursday. Beatrice F. Russotto Yahoo Finance's Alexis Christoforous and Brian Sozzi speak to Scott Gamm. Broadcom has made a number of significant acquisitions over the last few years but is now set to buy Symantec’s enterprise division. Dial in #: US (866) 610-1072, International +1 (973) 935-2840 Broadcom Acquires Symantec Enterprise Unit For £8.8bn. All rights reserved. In November, Broadcom bought Symantec’s enterprise security business for $10.7 billion. Chipmaker Broadcom is buying cybersecurity company Symantec’s enterprise security business for $10.7 billion in cash. Hock Tan, President and Chief Executive Officer of Broadcom, said, "M&A has played a central role in Broadcom's growth strategy and this transaction represents the next logical step in our strategy following our acquisitions of Brocade and CA Technologies. Broadcom stock had gained nearly 7% in 2019 as of Thursday's market close. The transaction is expected to drive more than $2 billion of sustainable, incremental, run-rate revenues and approximately $1.3 billion of Pro Forma EBITDA, including synergies. Management does not believe that these items are reflective of the Company's underlying performance. Broadcom expects the transaction to generate more than $1 billion of run-rate cost synergies within 12 months following close partly by eliminating redundancies. We are pleased to welcome the talented team of employees at Symantec Enterprise Security to the Broadcom family. The transaction, which is expected to close in the first quarter of Broadcom's fiscal year 20201, is subject to regulatory approvals in the U.S., EU and Japan and other customary closing conditions. SAN JOSE, Calif., Aug. 8, 2019 /PRNewswire/ -- Broadcom, Inc., (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced an agreement to acquire the enterprise security business of Symantec Corporation (NASDAQ: SYMC) for $10.7 billion in cash. Tom Jowitt, August 9, 2019, 11:28 am. Broadcom intends to fund the transaction with proceeds from new committed debt financing. Broadcom acquires Symantec's enterprise business for $10.7 billion Published Thu, Aug 8 2019 4:18 PM EDT Updated Thu, Sep 12 2019 3:06 PM EDT Jordan Novet @jordannovet The security software company saw … The deal is part of Broadcom’s ongoing effort to diversify beyond its memory chip business. Broadcom scooped up the entire Symantec Enterprise Security business for $10.7 billion in August. Deploying Symantec's enterprise security suite through Broadcom's channels will strengthen its differentiated portfolio license agreement (PLA) strategy of offering significant overall savings to customers, while creating a predictable, recurring revenue stream for its business that will drive returns for shareholders. Contacts Alison Geib Accenture +1 703 947 4404 alison.geib@accenture.com Denise … SAN JOSE, Calif., Aug. 8, 2019 /PRNewswire/ -- Broadcom, Inc., (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced an agreement to acquire the enterprise security business of Symantec Corporation (NASDAQ: SYMC) for $10.7 billion in cash. A live webcast and the accompanying presentation relating to the transaction will be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com in advance of the conference call. All rights reserved. SAN JOSE, Calif., Nov. 4, 2019 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that it has completed its acquisition of the Enterprise Security business of Symantec Corporation (NASDAQ: SYMC). He brings more than 20 years of experience in the security software industry. Broadcom buys Symantec's enterprise security portfolio for $10.7 billion. Symantec's Enterprise Security business will now operate as the Symantec Enterprise division of Broadcom and will be led by Art Gilliland as SVP and General Manager. Facebook Twitter. Symantec Corp. (NASDAQ: SYMC) today announced the successful completion of the sale of its Enterprise Security Assets to Broadcom for $10.7 billion. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Broadcom does not undertake any intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law. Reaffirms Fiscal Year 2019 Revenue Guidance. 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