MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Symantec Corp. (NASDAQ: SYMC) today announced Veritas Technologies Corporation as the name for its independent publicly traded information management company, which will be created following the completion of the previously announced separation into two companies. It also revealed a new logo for Veritas.
“Veritas remains a powerful brand that still has tremendous equity with our customers, partners and employees, and after careful review it was an easy choice as the name for our information management business,” said Michael A. Brown, Symantec president and chief executive officer. “While the name recalls the company’s heritage, the new logo signals that Veritas is ready to solve the most critical information challenges facing our customers today and tomorrow.”
The new logo design was influenced by the concepts of open, heterogeneous technologies that are required to harness the power of information, principles that are core to the future strategy of the new Veritas Technologies Corporation.
The new Veritas name and logo represent an established market leader, serving 75% of the Fortune 500 with a broad range of products that include backup and recovery software and appliances, storage management, clustering, disaster recovery, archiving and eDiscovery solutions. The Veritas business generated $2.5 billion in revenue for Symantec in fiscal year 2014. Veritas competes in markets that are an estimated $11 billion today, potentially expanding to $16 billion in 2018 with a CAGR of 7% from 2013 to 2018.
Winning in Information Management
The new Veritas Technologies Corporation has continued to build out its organization and evolve its product strategy, while serving customers with its industry-leading solutions. Veritas will continue to invest in and enhance those core products, but they will also serve as the foundation for new information availability and insight technologies that will help customers further unlock the value of their data to help drive business productivity. By extending current product capabilities, leveraging IP and building new coordinated architectures, Veritas will bring next-generation solutions designed for hybrid cloud environments to market throughout the upcoming year.
Symantec Corporation (NASDAQ: SYMC) is an information protection expert that helps people, businesses and governments seeking the freedom to unlock the opportunities technology brings -- anytime, anywhere. Founded in April 1982, Symantec, a Fortune 500 company, operating one of the largest global data-intelligence networks, has provided leading security, backup and availability solutions for where vital information is stored, accessed and shared. The company's more than 20,000 employees reside in more than 50 countries. Ninety-nine percent of Fortune 500 companies are Symantec customers. In fiscal 2014, it recorded revenues of $6.7 billion. To learn more go to www.symantec.com or connect with Symantec at: go.symantec.com/socialmedia.
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This press release contains statements regarding our strategic direction, which may be considered forward-looking within the meaning of the U.S. federal securities laws, including; statements with respect to the proposed timing of the separation. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include those related to: risks related to the separation of the company into the security business and the information management business, general economic conditions; maintaining customer and partner relationships; the anticipated growth of certain market segments, particularly with regard to security and information management; the competitive environment in the software industry; changes to operating systems and product strategy by vendors of operating systems; the timing and market acceptance of new product releases and upgrades; the successful development of new products, and the degree to which these products and businesses gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. We assume no obligation, and do not intend to update these forward-looking statements as a result of future events or developments. Additional information concerning these and other risks factors is contained in the Risk Factors sections of our Form 10-K for the year ended March 28, 2014.