Internet security software vendor Symantec has announced that the company is planning to acquire GuardianEdge Technologies and PGP, in an attempt to conquer the emerging file encryption security market.
The company is reportedly shelling out $370 million - PGP for $300 million and $70 million for GuardianEdge - in order to get hold of the two companies, which specialise in making file encryption software.
The move comes as a surprise to many as earlier the company had commented that it was not interested in venturing into the file encryption software market.
Expressing his views on the company's decision to acquire file encryption companies, Francis deSouza, senior vice president of Symantec’s Enterprise Security Group, said in a statement that "With these acquisitions we can further protect information by using encryption in an intelligent and policy-driven way to give the right users access to the right information enabling the trust that individuals and organizations need to operate confidently."
According to the statement released by the company, Symantec is hoping to secure some lucrative government contracts as more and more governments across the globe are pushing for tighter information security, including the UK governments Data Protection Act.