Symantec Completes Acquisition of Blue Coat to Define the Future of Cyber Security | Bl...
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`Press Release
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` (/)
`
`Symantec Completes Acquisition of Blue
`Coat to Define the Future of Cyber Security
`Cyber Security Visionary Greg Clark Becomes CEO, Leading Industry’s Largest Pure
`Play Cyber Security Company
`Monday, August 01, 2016
`
`MOUNTAIN VIEW, Calif. –August 1, 2016 – Symantec (NASDAQ: SYMC) today
`announced that it has successfully completed its acquisition of Blue Coat, Inc., a
`leading provider of web security for enterprises and governments worldwide. The
`acquisition of Blue Coat complements Symantec’s innovative product portfolio and
`creates the industry’s largest pure play cyber security company.
`
`“At a time when the world faces more threats than it’s ever encountered before, I
`couldn’t be more confident in our ability to deliver what our customers need or more
`honored to lead Symantec’s next chapter of innovation and growth,” said Greg Clark,
`Symantec CEO. “With Blue Coat now part of Symantec, we are well positioned to
`solve the industry’s most difficult challenges of securing a mobile workforce,
`protecting the cloud and stopping advanced threats.”
`
`Clark added, “Since announcing the transaction, our integration planning teams have
`been working diligently to capture the strengths of both companies. With our
`increased scale, portfolio and resources, large enterprises can now look to Symantec
`as a single strategic source for integrated solutions across endpoints, cloud and
`infrastructure to defend against sophisticated attacks and create a stronger, more
`cost-efficient security posture.”
`
`With the acquisition of Blue Coat complete, Symantec has begun executing its
`integration strategy and accelerating its commitment to define the future of cyber
`security.
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`Dan Schulman, Symantec Chairman, said, “Nearly two years ago we announced our
`intention to become the leading pure play cyber security company. Today that
`intention becomes a reality, as we combine Symantec’s leadership in endpoint, email,
`data loss prevention and datacenter security with Blue Coat’s strength in cloud
`security with the #1 market share position at the secure web gateway. In the near
`term, we’ll be focused on ensuring a smooth integration for our customers. As we
`look ahead, I am confident we have the talent, capabilities and resources to help us
`drive profitable growth.”
`
`“The global security landscape is becoming more complex, and threats more
`pervasive, while at the same time, our clients are looking for business outcomes,” said
`Matthew Gyde, Dimension Data’s group executive of security. “We’re seeing an
`increase in the adoption of cloud services for security, and clients also see potential
`cost-savings of moving to the cloud. The Symantec and Blue Coat combination is an
`exciting opportunity for the security industry, and particularly for our clients. We look
`forward to working together to help our clients accelerate their ambitions.”
`
`An independent poll of enterprise buyers by industry research firm ESG Research
`shows that more than 75 percent of buyers are more likely or much more likely to buy
`from Symantec as a result of the combined portfolios[i]. “Based upon our quantitative
`research of cyber security and IT professionals, organizations are clearly excited about
`the prospects of getting access to the larger and more comprehensive cyber security
`portfolio from a combined Symantec-Blue Coat entity,” said Jon Oltsik, Sr. principal
`analyst at ESG. “Most point to the potential benefit of a more streamlined buying
`center and reduced costs resulting from a more integrated set of cyber security
`products and services.”
`
`The combined company would have had approximately $4.2 billion in GAAP pro
`forma revenues in fiscal year 2016, of which 60% would come from enterprise
`security. On a pro forma, non-GAAP basis, the combined company would have had
`$4.4 billion in revenues in fiscal year 2016, of which 62% would come from enterprise
`security.
`
`As previously announced, Michael Fey will serve as President and Chief Operating
`Officer and Thomas Seifert will continue to serve as Executive Vice President, Chief
`Financial Officer of Symantec. The combined company will be headquartered in
`Mountain View, Calif.
`
`The company will webcast its Q1 earnings conference call on Thursday, August 4, at 5
`p.m. ET/ 2 p.m. PT. For more details, please visit
`http://investor.symantec.com/investor-relations/events-calendar/
`(http://investor.symantec.com/investor-relations/events-calendar/).
`
`About Symantec
`
`https://www.bluecoat.com/company/press-releases/symantec-completes-acquisition-blue-...
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`Symantec Corporation (NASDAQ: SYMC) is the global leader in cyber security.
`Operating one of the world’s largest cyber intelligence networks, we see more
`threats, and protect more customers from the next generation of attacks. We help
`companies, governments and individuals secure their most important data wherever it
`lives.
`
`Forward-Looking Statements
`
`This press release contains statements which may be considered forward-looking
`within the meaning of the U.S. federal securities laws, including statements regarding
`the expected benefits to Symantec Corporation (“Symantec”), its customers,
`stockholders and investors from completing the acquisition of Blue Coat, Inc. (“Blue
`Coat”), including without limitation expected growth, cross-sell and upsell
`opportunities, earnings accretion and cost savings. These statements are subject to
`known and unknown risks, uncertainties and other factors that may cause our actual
`results, performance or achievements to differ materially from results expressed or
`implied in this press release. Such risk factors include those related to: the potential
`impact on the businesses of Blue Coat and Symantec due to uncertainties in
`connection with the acquisition; the retention of employees of Blue Coat and the
`ability of Symantec to successfully integrate Blue Coat and to achieve expected
`benefits; general economic conditions; fluctuations and volatility in Symantec’s stock
`price; the ability of Symantec to successfully execute strategic plans; the ability to
`maintain customer and partner relationships; fluctuations in tax rates and currency
`exchange rates; the timing and market acceptance of new product releases and
`upgrades; and the successful development of new products, and the degree to which
`these products and businesses gain market acceptance. Actual results may differ
`materially from those contained in the forward-looking statements in this press
`release. Symantec assumes no obligation, and do not intend, to update these
`forward-looking statements as a result of future events or developments. Additional
`information concerning these and other risks factors is contained in the Risk Factors
`section of Symantec’s Form 10-K for the year ended April 1, 2016.
`
`Use of Non-GAAP Financial Information
`
`Our results of operations have undergone significant change due to the impact of
`litigation accruals, discontinued operations including the gain on the sale of Veritas,
`stock-based compensation, restructuring, transition and separation matters, charges
`related to the amortization of intangible assets, and certain other income and expense
`items that management considers unrelated to the Company’s core operations. The
`results of operations of Blue Coat have undergone significant change due to the
`impact of purchase accounting on revenue from prior acquisitions, stock-based
`compensation, restructuring, transition and integration matters, charges related to the
`amortization of intangible assets, and certain other income and expense items that
`management considers unrelated to the Company’s core operations. To help our
`readers understand our past financial performance and our future results, we
`supplement the financial results that we provide in accordance with generally
`accepted accounting principles, or GAAP, with non-GAAP financial measures. The
`
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`method we use to produce non-GAAP results is not computed according to GAAP
`and may differ from the methods used by other companies. Non-GAAP financial
`measures are supplemental, should not be considered a substitute for financial
`information presented in accordance with GAAP and should be read only in
`conjunction with our consolidated financial statements prepared in accordance with
`GAAP. Our management team uses these non-GAAP financial measures in assessing
`Symantec’s operating results, as well as when planning, forecasting and analyzing
`future periods. Investors are encouraged to review the reconciliation of our non-
`GAAP financial measures to the comparable GAAP results, which is attached to our
`press release and which can be found, along with other financial information, on the
`investor relations page of our website at: http://www.symantec.com/invest
`(http://www.symantec.com/invest).
`
`[i] ESG Brief, Symantec-Blue Coat Merger Sentiment(http://research.esg-
`global.com/reports/symantecbluecoatmerger), July 2016 
`
`# # #
`
`Media
`Contacts: 
`MEDIA:
`Symantec Corp.
`Kristen Batch, 503-516-6297
`kristen_batch@symantec.com (mailto:kristen_batch@symantec.com)
`
`or
`
`INVESTOR:
`
`Symantec Corp.
`Jonathan Doros, 650-527-5523
`jonathan_doros@symantec.com (mailto:jonathan_doros@symantec.com)
`
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`https://www.bluecoat.com/company/press-releases/symantec-completes-acquisition-blue-...
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`10/25/2016
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`https://www.bluecoat.com/company/press-releases/symantec-completes-acquisition-blue-...
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`10/25/2016
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