Symantec Shares Soar Following Microsoft Takeover Rumour

Shares in security software company Symantec rose sharply in US markets following rumours of a possible Microsoft acquisition.

Symantec closed up 61 cents, or 4.37 per cent higher, at $14.58 on Wednesday, following rumours reported by a number of stock tracking websites that the company may be bought by Microsoft.

The acquisition bid, if it does happen, will be the second takeover of this type in recent weeks. Intel recently bought security software vendor and Symantec rival McAfee for $7.7 billion.

Computer and data centre makers are now scrambling to acquire data security software makers in a bid to make their products more secure.

Organisations, especially those working in the health-care and banking sectors, are under increasing pressure from regulators, governments and customers alike, to ensure that all data handled by the companies is secure.

Even so, Microsoft already has its own portfolio of security products and therefore does not need to spend the money on a Symantec acquisition to boost its presence in the security market, Bnet reports.