Symantec has signed a definitive agreement to acquire privately held Clearwell Systems. The acquisition of Clearwell will bring together e-discovery, archiving and backup offerings to provide customers a comprehensive information management solution, says Symantec.
Clearwell's e Discovery Platform is claimed to complement and enhance Symantec's Enterprise Vault eDiscovery capabilities to create a more complete end-to-end e-discovery solution. In addition, the acquisition is expected to provide future cross-sell and product integration synergies across Symantec backup and security, by leveraging Symantec NetBackup, Data Loss Prevention and Data Insight.
Under the terms of the agreement, Symantec will acquire Clearwell for a purchase price of approximately $390 million, net of Clearwell's existing cash balance of approximately $20 million. The agreement is subject to customary closing conditions, including regulatory approval, and is expected to close in the September quarter.