Earlier this summer, it was revealed that Broadcom was in advanced negotiations for the acquisition of Symantec's cybersecurity company. This acquisition is now complete and Symantec has changed its name as a result of the transaction.
The company is now called NortonLifeLock, but its former name will remain active as Broadcom owns the rights to the Symantec name of the company's security products marketed by the company.
Additionally, the company's stock symbol SYMC has been replaced by NLOK on the NASDAQ exchange. On its first day of trading, NortonLifeLock shares rose 1.85% to € 24.19.
Broadcom President and CEO Hock Tan welcomed the completion of the acquisition in a statement, stating:
"Today, Symantec's enterprise security business joins our other semiconductor and software franchises that together form the Broadcom platform. The Symantec Enterprise Security business expands our presence in the Global 2000 strategic infrastructure software market."
Norton LifeLock
According to NortonLifeLock, the new company claims to be a global leader in consumer cyber security, with nearly 50 million consumers currently using its products and services.
Vincent Pilette, NortonLifeLock CFO, explained in a separate statement that rebranding is the key to transforming the company.
"The launch of NortonLifeLock today is a key step in our transformation into an independent company fully dedicated to consumer cybersecurity. As we move through the transition period over the next twelve months, we will realign our cost structure to enable the company increase revenue, generate cash flow and increase profits. "
Now that Broadcom has completed its € 10.7 billion acquisition of Symantec's enterprise security business, the chipmaker will now have access to a wide variety of cybersecurity services and a new source of revenue. . During fiscal 2019, Symantec companies were able to generate a business turnover of € 2.3 billion by selling security software to companies to help them better detect cyberattacks on their networks and peripherals.
Via SiliconANGLE