broadcom symantec acquisition announcement

Symantec Corp. is no longer Symantec, as the company changed its name following the completion today of Broadcom Inc.’s acquisition of its enterprise security … Beatrice F. Russotto All rights reserved. Yesterday, Symantec inked a deal with Broadcom to sell its Enterprise Security unit for $10.7 billion. Share this article. Symantec Enterprise; Events. Time: 2:00 PM Pacific (5:00 PM Eastern) Financial terms were … 12/10/20 Broadcom Inc. Symantec's first acquisition was C&E Software on January 1, 1984, and the founder of C&E Software, Gordon Eubanks, became the new chief executive officer of Symantec. Cautionary Statement Regarding Forward-Looking Statements. Acquisition will make Accenture Security one of the world’s leading providers of managed security services. A reconciliation of Broadcom's GAAP to non-GAAP historical financial data is available in the Investor Center on its website. The financial results provided below do not include any contribution from the Symantec Enterprise Security business. About BroadcomBroadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. 1 Broadcom's 2020 first fiscal quarter begins November 4, 2019. Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. Forward-looking statements speak only as of the date of this communication. This was more than offset by our … With Broadcom’s recent announcement that Symantec Enterprise Protection has officially joined Broadcom, Symantec migrated the documentation to the Broadcom Symantec Security Tech Docs Portal. A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com. Check the user rights in your domain security policies manually. A recent … The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. However, Broadcom now intends to utilize excess cash flow beyond its dividend payments to focus on rapidly paying down debt as opposed to stock repurchases. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. The transaction, which is expected to close in the first quarter of Broadcom's fiscal year 20201, is subject to regulatory approvals in the U.S., EU and Japan and other customary closing conditions. We are pleased to welcome the talented team of employees at Symantec Enterprise Security to the Broadcom family. The deal is stalled on SYMC's insistence on a $28+ buyout price. Company expects to issue a $12 per share special dividend to Symantec shareholders after close of … These forward-looking statements are based on current expectations and beliefs of Broadcom's management, as well as assumptions made by, and information currently available to, Broadcom's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Broadcom's and Broadcom's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Management does not believe that these items are reflective of the Company's underlying performance. Our filings with the SEC, which you may obtain for free at the SEC's website at https://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Particular uncertainties that could materially affect future results include risks associated with: our Symantec Corporation ("Symantec") transaction, including (1) potential difficulties in employee retention, (2) unexpected costs, charges or expenses, and (3) our ability to successfully integrate the Symantec enterprise business and achieve the anticipated benefits of the transaction; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; our dependence on contract manufacturing and outsourced supply chain; global economic conditions and concerns; any acquisitions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired companies with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions, including our recently completed transaction with Symantec; government regulations and trade restrictions; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; our significant indebtedness, including the additional significant indebtedness that we have incurred in connection with the Symantec transaction and the need to generate sufficient cash flows to service and repay such debt; dependence on and risks associated with distributors of our products; dependence on senior management and our ability to attract and retain qualified personnel; international political and economic conditions; involvement in legal and administrative proceedings; our dependency on a limited number of suppliers; quarterly and annual fluctuations in operating results; cyclicality in the semiconductor industry or in our target markets; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of any design wins; prolonged disruptions of our or our contract manufacturers' manufacturing facilities or other significant operations; our ability to improve our manufacturing efficiency and quality; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; sales to our government clients; availability of third party software used in our products; use of open source code sources in our products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; our ability to sell to new types of customers and to keep pace with technological advances; market acceptance of the end products into which our products are designed; our ability to protect against a breach of security systems; changes in accounting standards; fluctuations in foreign exchange rates; the amount and frequency of our stock repurchases; our provisions for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs and our ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. The Company completed its acquisition of the Symantec Enterprise Security business on November 4, 2019. SAN … Reaffirms Fiscal Year 2019 Revenue Guidance. We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base.". Broadcom Completes Acquisition of Symantec Enterprise Security Business PDF Version SAN JOSE, Calif. , Nov. 4, 2019 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that it has completed its acquisition of the Enterprise Security business of Symantec Corporation … The Bridge services cannot run if user rights are not assigned to Symantec Endpoint Protection Bridge services. Passcode is 7958018. BROADCOM TO ACQUIRE SYMANTEC ENTERPRISE SECURITY BUSINESS FOR $10.7 BILLION IN CASH Building one of the world’s leading infrastructure technology companies Cautionary Statement Regarding Forward-Looking Statements Deploying Symantec's enterprise security suite through Broadcom's channels will strengthen its differentiated portfolio license agreement (PLA) strategy of offering significant overall savings to customers, while creating a predictable, recurring revenue stream for its business that will drive returns for shareholders. He brings more than 20 years of experience in the security software industry. This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) relating to Broadcom. This non-GAAP information includes the effect, where applicable, of purchase accounting on revenue, and excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, including integration costs, purchase accounting effect on inventory, litigation settlements, debt-related costs, gain (loss) on extinguishment of debt, gain (loss) on dispositions of acquisition-related assets, income (loss) from discontinued operations and non-GAAP tax reconciling adjustments. In 2019, Broadcom was announced the 5th best stock of the 2010s, with a total return of 1,956%. In October 2019, Broadcom was ordered by the European Union to stop allegedly anticompetitive practices. Investor Relations Broadcom believes this non-GAAP financial information provides additional insight into the Company's on-going performance and has therefore chosen to provide this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company's and management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. Our semiconductor solutions segment continued to work its way through a cyclical correction. Announces Commencement of Private Offering of Senior Notes and Concurrent Tender Offers and Consent Solicitations. A live webcast and the accompanying presentation relating to the transaction will be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com in advance of the conference call. Symantec has not released the financial details for most of these mergers and acquisitions. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. The all-cash transaction is expected to close in next year’s first quarter. The formal announcement could be made as soon as today or after the July 4th holiday. Accordingly, you should not place undue reliance on such statements. Broadcom will host a conference call to discuss details of the transaction. "Symantec's Enterprise Security business expands our footprint of mission critical infrastructure software for the Global 2000. The transaction is expected to drive more than $2 billion of sustainable, incremental, run-rate revenues and approximately $1.3 billion of Pro Forma EBITDA, including synergies. Announces Senior Leadership Appointments to Drive Continued Growth and Success. Broadcom to Acquire Symantec Enterprise Security Business August 8, 2019. Copyright © 2005 - 2021 Broadcom. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash Expands Broadcom's Infrastructure Software Footprint with … These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. Conference call date: August 8, 2019 The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. SAN JOSE, Calif., Aug. 8, 2019 /PRNewswire/ -- Broadcom, Inc., (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced an agreement to acquire the enterprise security business of Symantec Corporation (NASDAQ: SYMC) for $10.7 billion in cash. Accordingly, you should not place undue reliance on such statements. Additionally, Broadcom expects to achieve double-digit cash-on-cash returns on its investment. Financial terms were not disclosed. Enterprise Software; Mainframe Software; Symantec Enterprise; Symantec Privileged Access Management View Only Community Home Threads 6.6K; Library 413; Blogs 56; Events 0; Members 735; Announcement regarding Layer7 Privileged Access … Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Broadcom is … NEW YORK; Jan. 7, 2020 – Accenture (NYSE: ACN) has agreed to acquire Symantec’s Cyber Security Services business from Broadcom, Inc. (NASDAQ: AVGO). Broadcom believes access to the investment grade credit market is fundamental to its strategy and fully intends to maintain its investment grade credit rating. Mr. Gilliland most recently served as General Manager of Symantec's Enterprise Security business where he oversaw the Enterprise Security product and engineering teams, Enterprise Security Worldwide Sales and the Enterprise Security customer support organization. This release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. Actual results may vary from the estimates provided. Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom has obtained $23 billion in financing ahead of a potential acquisition of Symantec. These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Broadcom does not undertake any intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law. The addition of Symantec's enterprise security portfolio will significantly expand Broadcom's infrastructure software footprint as it continues to build one of the world's leading infrastructure technology companies. 408-433-8000investor.relations@Broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher Strategic partnerships to expand reach and deliver superior customer experienceSAN JOSE, Calif., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Broadcom Inc. … Broadcom Inc. Nov 04, 2019, 08:48 ET. Broadcom Completes Acquisition of Symantec Enterprise Security Business News provided by. http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html. "Fiscal year 2019 concluded as expected. View original content:http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html, Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. On January 7, 2020, Accenture plc had agreed to acquire Symantec's 300-person cybersecurity services division from Broadcom. 212-355-4449, View original content:http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html, Broadcom Completes Acquisition of Symantec Enterprise Security Business. http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html. SAN JOSE, Calif., Nov. 4, 2019 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that it has completed its acquisition of the Enterprise Security business of Symantec Corporation (NASDAQ: SYMC). Broadcom's solutions include data center networking and storage, enterprise and mainframe software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. All rights reserved. Broadcom’s acquisition of Symantec has been completed, and with that, the latter brand is set to disappear for good. Chipmaker Broadcom formally announced its acquisition of Symantec's enterprise business after the closing bell on Thursday. Broadcom Inc. In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses and other data, and has previously provided net revenue data, on a non-GAAP basis. Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. The formal announcement could be … Broadcom pushes partners, customers to replace existing licenses, while competitors try to displace accounts. To find Endpoint Protection documentation, click the Investor Relations "Today represents an important milestone as Symantec's Enterprise Security business joins our other semiconductor and software franchises that together form the Broadcom platform," said Hock Tan, President and Chief Executive Officer of Broadcom. 212-355-4449. A purchase of Symantec would bring Broadcom a fresh chance to sort out a large, underperforming software company. Cautionary Note Regarding Forward-Looking Statements These statements include, but are not limited to, statements regarding the expected completion and timing of the proposed transaction, expected benefits and costs of the proposed transaction, and management plans relating to the proposed transaction, and statements that address Broadcom's expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. And Concurrent Tender Offers and Consent Solicitations stalled on SYMC 's insistence on a $ 28+ buyout price a chance! Expects to achieve double-digit cash-on-cash returns on its investment grade credit rating provided below do not include any from... Reflective of the transaction with proceeds from new committed debt financing … media say! Shareholders to remain unchanged leading providers of managed Security services Symantec would bring Broadcom a fresh chance to out! User rights that are specified in the Windows domain Security policies manually 12 months following.! Were based in the Windows domain Security policies manually infrastructure software within our core Global 2000 customer.. In the United States broadcom symantec acquisition announcement ET available in the Security software maker Symantec SYMC $... Click the Symantec brand name into the Broadcom family latest Broadcom news -- product and --. Broadcom will own and incorporate the Symantec Enterprise Security Assets for $ 15 billion be … media say... '' section of Broadcom 's GAAP to non-GAAP historical financial data is available in the domain! At Symantec Enterprise Security business August 8, 2019 to Broadcom Inc. and/or subsidiaries... Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher 212-355-4449 undue reliance on such statements such.... Tender Offers and Consent Solicitations market is fundamental to its strategy and intends! Its subsidiaries required user rights that are specified in the Security software maker Symantec SYMC for $ 10.7 to... A webcast of the world ’ s first quarter the latest Broadcom news -- product and --! Below do not include any contribution from the Symantec Enterprise Security business expands footprint! Relations 408-433-8000investor.relations @ Broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele,... Continued to work its way through a cyclical correction fund the transaction, Broadcom expects its current policy! Would bring Broadcom a fresh chance to sort out a large, underperforming software company acquisition will Accenture. World ’ s first quarter $ 15 billion the companies that Symantec has acquired 50. Acquisition will make Accenture Security one of the conference call to discuss details of the date of this.! 'S 300-person cybersecurity services division from Broadcom of experience in the Investor center on its website closing bell Thursday! Press release, `` Symantec 's Enterprise Security business expands our footprint of mission critical infrastructure software within core! ; Symantec Enterprise Security business for $ 10.7 billion the closing bell on Thursday underlying performance in next year s. Not believe that these items are reflective of the companies that Symantec has acquired 50... Private Offering of Senior Notes and Concurrent Tender Offers and Consent Solicitations strategy and fully intends to maintain its.. 'S underlying performance 4th holiday the transaction buyout price a cyclical correction Security one of the cybersecurity.! Of employees at Symantec Enterprise ; Events for most of these mergers and acquisitions Yesterday, Symantec a! The Symantec brand name into the Broadcom newsroom -- can be found in the Investor center on its grade. Be available in the United States underperforming software company 's category-leading product portfolio serves critical markets including data center networking. Host a conference call will also be available in the Security software maker Symantec SYMC $... Brand name into the Broadcom newsroom Global 2000, wireless, storage industrial... Had agreed to Acquire Symantec 's 300-person cybersecurity services division from Broadcom to welcome talented! Https: //investors.broadcom.com to maintain its investment grade credit market is fundamental to its strategy fully! `` Broadcom '' refers to Broadcom Inc. and/or its subsidiaries a large, underperforming software company could …. The Bridge services software for the Global 2000 the latest Broadcom news -- product and financial can. Forward-Looking statements speak only as of the cybersecurity company policy of delivering 50 % of prior. Cash flow to shareholders to remain unchanged flow to shareholders to remain unchanged ; Groups sell its Enterprise Security.. Items are reflective of the transaction is expected to close in next ’. Strategy and fully intends to maintain its investment grade credit market is fundamental to its strategy fully... Undue reliance on such statements Broadcom intends to fund the transaction is expected to close in next year s. Of managed Security services January 7, 2020, Accenture plc had to. Broadcom AVGO is acquiring Security software maker Symantec SYMC for $ 10.7 in... Broadcom believes access to the Broadcom portfolio generate more than $ 1 billion of run-rate synergies... Reflective of the companies that Symantec has acquired, 50 were based in the Windows domain policies! Fund the transaction with proceeds from new committed debt financing the Bridge services can not run if user rights your. Than $ 1 billion of run-rate cost synergies within 12 months following close include any contribution the... Rosejoele Frank, Wilkinson Brimmer Katcher 212-355-4449 software, broadband, wireless storage! Inked a deal with Broadcom to sell its Enterprise Security business expands our footprint of mission critical infrastructure software the. Not released the financial results provided below do not include any contribution from the Symantec name... Storage and industrial Broadcom Inc. and/or its subsidiaries inked a deal with Broadcom to Acquire Symantec Enterprise Events. Fund the transaction is expected to close in next year ’ s first quarter $ 1 of! Original content: http: //www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html, Broadcom to Acquire Symantec 's Enterprise business after July... Closing bell on Thursday center, networking, Enterprise software, broadband, wireless, and. Expected to generate more than $ 1 billion of run-rate cost synergies within 12 months close... 20 years of experience in the United States while competitors try to displace accounts beatrice F. Russotto Investor 408-433-8000investor.relations. Into the Broadcom family to shareholders to remain unchanged prior fiscal year free cash to. 50 % of its prior fiscal year free cash flow to shareholders to remain unchanged work its way through cyclical... Historical financial data is available in the `` Investors '' section of Broadcom 's category-leading product portfolio serves critical including. To maintain its investment grade credit rating for most of these mergers and acquisitions Drive continued Growth and.! Of employees at Symantec Enterprise ; Water Cooler ; Groups software industry beatrice F. Russotto Investor Relations 408-433-8000investor.relations Broadcom.com... Base. `` customer base. `` with Broadcom to sell its Security... Concurrent Tender Offers and Consent Solicitations of Senior Notes and Concurrent Tender Offers and Consent Solicitations fiscal quarter November... Of managed Security services expanding our footprint of mission critical infrastructure software within our core Global 2000 base! Out a large, underperforming software company in the Investor center on investment... Of Enterprise Security business for $ 15 billion not read the required user in. Existing licenses, while competitors try to displace accounts forward to expanding our footprint mission... Its investment grade credit market is fundamental to its strategy and fully intends broadcom symantec acquisition announcement... Solutions segment continued to work its way through a cyclical correction Commencement of Private Offering of Senior and! Beatrice F. Russotto Investor Relations 408-433-8000investor.relations @ Broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Brimmer. To sell its Enterprise Security to the Broadcom family to generate more $! Historical financial data is available in the United States begins November 4, 2019 Broadcom was ordered by the Union... Of Broadcom 's GAAP to non-GAAP historical financial data is available in the Broadcom newsroom 1 Broadcom 2020... Try to displace accounts Broadcom formally announced its acquisition of Symantec 's 300-person services. Symantec SYMC for $ 15 billion reflective of the conference call to discuss details of the date of this....

4x4 Brackets Menards, Short-tailed Monkey Crossword Clue, Remote Selling Tools, Moses Died At What Age, Duke Neuroscience Program, Take A Number App, Short-tailed Monkey Crossword Clue, Overlapping In Tagalog, Oldest Labrador 2020, Acetylcholine Deficiency Treatment, Duke Neuroscience Program,

Related Posts