Symantec may be keen on Veritas move

The pace of consolidation in the software industry seems to be speeding up with Symantec reported to be keen to buy Veritas for $13bn.

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By  Peter Branton Published  December 14, 2004

The pace of consolidation in the software industry seems to be speeding up with Symantec reported to be keen to buy Veritas for $13bn. Hot on the heels of the announcement that Oracle has finally got PeopleSoft to agree to a $10bn merger, The New York Times claims this week that Symantec and Veritas are “in advanced talks” for a $13bn acquisition, one of the largest yet seen in the software industry. Symantec is one of the biggest names in the security software space but as the nature of threats against the enterprise gets ever broader it is believed to want to extend its offerings. Veritas is the market leading company for data backup, storage and archiving. Larry Ellison, founder and chief executive of Oracle, has in the past used Veritas as an example of the type of independent software player that will not survive industry consolidation. It is this industry consolidation that fuelled his company’s bid for PeopleSoft he claimed earlier this year. “We wanted to be a survivor and a consolidator, and we felt the only way to survive and prosper was through acquisition,” he said in June this year. Veritas has itself made a number of acquisitions in recent years, and has 40% of the market for backup and archiving software and 60% of the market for file system software, according to research house IDC.

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