Symantec is to purchase eDiscovery vendor Clearwell Systems for $390 million (£240 million).
An acquisition to boost its storage, archive and cloud computing capabilities, Symantec CEO Enrique Salem previously told the Reuters Global Technology Summit that he would pursue a number of smaller acquisitions to boost its technology portfolio. Symantec said that it hoped to close the deal by the end of September.
Symantec said that Clearwell's eDiscovery solution complements and enhances its Enterprise Vault eDiscovery capabilities to create a more complete end-to-end solution.
Deepak Mohan, senior vice president of the information management group at Symantec, said: “As information continues to grow at unprecedented rates, the biggest challenge for customers is to protect, manage and backup this information as well as have the ability to categorize and discover it efficiently.
“The acquisition of Clearwell's market leading electronic discovery solution will further increase Symantec's ability to get the right information, to the right people, at the right time while reducing overall legal review costs and limiting risk.”
Aaref Hilaly, president and chief executive officer of Clearwell Systems, said: “Archiving and eDiscovery are two critical elements of information governance. By joining forces and combining the industry's leading archiving solution with the industry's leading eDiscovery solution, we will be uniquely positioned to deliver a seamless, integrated information governance workflow, benefiting both Symantec and Clearwell customers.”