Security software company Symantec has announced today that it is going to take over its United States competitor Blue Coat Systems. In total the deal will encompass 4.7 billion US dollars, or around 4.1 billion euro.
The current CEO at Blue Coat, Greg Clark, will take on the same position at Symantec. It is expected the takeover will be fully completed later this year. That also means Clark will become the fourth CEO of Symantec in four years time.
Symantec is the world’s largest computer security software developer, responsible for popular programs such as Norton AntiVirus. In recent years the company struggles to keep up with changing market conditions.
The market for cyber protection has grown substantially due to technological developments, making it a completely different time compared to when Symantec dominated the computer security market as a virus scanning pioneer in the 1980s and 1990s.