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Symantec Aims at Ace Position in Security Market, Mulls $1 Billion Splurge

Making a bold statement that Symantec will become the number one company in the security market, the chief executive of Symantec, Enrique Salem declared that Symantec is ready to spend an excess of $1 billion in the current year which will boost its capabilities in the cloud market, and also in mobile and visual spaces.

Salem in a press conference held at the annual Vision user events disclosed some information on Symantec’s financial plans for the current year. He said that the company is planning to spend, this year, an amount of up to $1.25 billion on acquisitions, out of which they have already paid $ 390 million for e-discovery vendor Clearwell.

Further, the CEO said that last year’s acquisition of VeriSign’s security business by Symantec proved to be very profitable for the company. This acquisition helped the company to acquire larger number of customers due to introduction of new innovative technology.

He further added "We'll look at a range of different things. We're interested in extending our portfolio to do more in mobility and cloud computing, and we'll look at what we can do in the virtualisation space."

In a move to expand in newer territories Symantec is building and securing their cloud infrastructures in partnership with cloud experts like eBay, Salesforce and Amazon.