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Symantec Acquires Cloud Archive Firm LiveOffice for $115 Million

Security software maker Symantec announced on Monday that it has completed the acquisition of LiveOffice for $115 million.

LiveOffice is a leading provider of cloud-based data archiving and storage solutions. Headquartered in California, the company offers a wide range of e-discovery as well as storage services for instant messaging, e-mail, file sharing, social media and other applications for meeting regulatory requirements.

According to reports, LiveOffice has tie ups with about 20,000 companies across 50 different countries worldwide.

Symantec has stated that the new acquisition will enable the company to enhance the quality of its information governance products, thus eventually providing its customers with two options - either to store their information on premise, and/or in Symantec's data centers.

The cloud-based LiveOffice application provides unlimited storage to customers and links to popular programs like Google Apps, Microsoft Office 365,, Box and Dropbox.

Symantec released the following statement:

"The acquisition of LiveOffice further extends Symantec’s leadership in archiving and eDiscovery; Symantec continues to enhance its offerings and deepen its commitment to provide the most comprehensive and innovative Information Management solutions delivered on premise, in the cloud, or as a hybrid solution."