Symantec acquisitions do better than expected


Symantec acquisitions do better than expected

Alex Scroxton

Symantec president and CEO Enrique Salem has said the firm has made better progress than anticipated in integrating its recent acquisitions, VeriSign, PGP and GuardianEdge.

"All three acquisitions performed better than expected in the quarter," he said.

VeriSign made $18m out of total group sales of $1.48bn (£928m), while PGP and GuardianEdge booked revenues of $15m.

Symantec claimed the technology and sales integrations were already beginning to bear fruit, with sales teams taking up cross-selling opportunities with gusto.

Salem added: "I am pleased with the execution in the quarter, in particular the strong performance in backup and archiving, and continued momentum in hosted services and data loss prevention."

Even so, its acquisition spree meant that the security vendor did not post stellar growth, with sales up 2% after adjusting for currency.

Symantec was also forced to write off $10m of sales after a glitch prevented a small minority of customers from activating installations of its Norton antivirus product.

GAAP net income for the second quarter of Symantec's fiscal 2011 also took a hit, down 12.25% to $136m.

The vendor is forecasting sales of approximately $1.58bn for the third quarter, which ends on 31 December.

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