Symantec Snaps Uo MessageLabs For USD 695 million

Symantec the leading security software developer is all set to purchase UK based MessageLabs in a deal worth $695 million.

The UK based MessageLabs which develops solutions for protecting users from viruses communicated via email and instant messengers, incidentally has nearly a third of hosted security market and fits right into Symantec’s scheme of things.

With this acquisition Symantec will gain a lead over rivals Google and Microsoft in the hosted security and filtered web traffic market and is expected to gain nearly nineteen thousand customers.

Expressing the rationale behind the deal, John Thompson the CEO of Symantec noted that “The timing of this choice couldn’t be more appropriate as customers think carefully about their IT investment plans for the coming years”.

It is expected that Symantec will integrate MessageLabs operations from its existing backup and restore service and will offer a more holistic set of services to its customers.