broadcom symantec acquisition announcement

Investor Relations Copyright © 2005 - 2021 Broadcom. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. The Company completed its acquisition of the Symantec Enterprise Security business on November 4, 2019. Announces Senior Leadership Appointments to Drive Continued Growth and Success. 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. Broadcom intends to fund the transaction with proceeds from new committed debt financing. 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 … 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. Under the terms of the asset purchase agreement, which has been approved by the Broadcom Board of Directors, Broadcom will pay Symantec$10.7 billion in cash at closing. Symantec has not released the financial details for most of these mergers and acquisitions. The deal is stalled on SYMC's insistence on a $28+ buyout price. Symantec's Enterprise Security business will now operate as the Symantec Enterprise division of Broadcom and will be led by Art Gilliland as SVP and General Manager. Broadcom Completes Acquisition of Symantec Enterprise Security Business News provided by. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. 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 A recent … We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base.". DUBLIN (dpa-AFX) - Accenture (ACN) agreed to acquire Symantec's Cyber Security Services business from Broadcom Inc. (AVGO). Conference call date: August 8, 2019 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). Beatrice F. Russotto Investor Relations Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. 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. Following the closing of the transaction, Broadcom will own and incorporate the Symantec brand name into the Broadcom portfolio. 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. ", "We are excited to join Broadcom as it continues to build one of the world's leading infrastructure technology companies," said Mr. Gilliland. 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 … 408-433-8000investor.relations@Broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com. 12/10/20 Broadcom Inc. 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. Our semiconductor solutions segment continued to work its way through a cyclical correction. Beatrice F. Russotto On January 7, 2020, Accenture plc had agreed to acquire Symantec's 300-person cybersecurity services division from Broadcom. 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. Acquisition will make Accenture Security one of the world’s leading providers of managed security services. 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. Symantec's enterprise security business is recognized as an established leader in the growing enterprise security space and has developed some of the world's most powerful defense solutions that protect against today's evolving threat landscape and secure data from endpoint to cloud. 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 term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. 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 … Symantec may not have held a place in Broadcom’s portfolio 52 weeks ago, but as the company pivots into an infrastructure technology company, the acquisition makes more sense. 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. Check the user rights in your domain security policies manually. 212-355-4449. Strategic partnerships to expand reach and deliver superior customer experienceSAN JOSE, Calif., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Broadcom Inc. … 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. 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. Time: 2:00 PM Pacific (5:00 PM Eastern) 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. 408-433-8000investor.relations@broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher Broadcom will host a conference call to discuss details of the transaction. In 2019, Broadcom was announced the 5th best stock of the 2010s, with a total return of 1,956%. 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. Accordingly, you should not place undue reliance on such statements. "Symantec's Enterprise Security business expands our footprint of mission critical infrastructure software for the Global 2000. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. A purchase of Symantec would bring Broadcom a fresh chance to sort out a large, underperforming software company. Broadcom’s acquisition of Symantec has been completed, and with that, the latter brand is set to disappear for good. The Bridge services cannot run if user rights are not assigned to Symantec Endpoint Protection Bridge services. The all-cash transaction is expected to close in next year’s first quarter. 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. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash August 8, 2019 Expands Broadcom's Infrastructure Software Footprint with Best-in-Class Suite of Integrated Enterprise Security Solutions Accelerates Broadcom's Efforts to Build One of the World's Leading Infrastructure Technology Companies Of the companies that Symantec has acquired, 50 were based in the United States. To find Endpoint Protection documentation, click the 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. A replay of the call will be available for one week by dialing (800) 585-8367 (US) or +1 (404) 537-3406 (International) and the passcode is 7958018. Symantec Announces Sale of Enterprise Security Assets for $10.7 Billion to Broadcom. 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. As of today, partners are no longer authorized to sell two popular Symantec products, Symantec Endpoint Protection Cloud and Symantec Endpoint Protection Small Business Edition. 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. Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. Broadcom Inc. Nov 04, 2019, 08:48 ET. Those risks, uncertainties and assumptions include: the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect Broadcom's business and the price of the common stock of Broadcom; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the asset purchase agreement; the effect of the announcement or pendency of the proposed transaction on Broadcom's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from ongoing business operations; the outcome of any legal proceedings that may be instituted related to the asset purchase agreement or the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; the ability of Broadcom to achieve its plans, forecasts and other expectations (including regarding expected revenues, returns and synergies) with respect to the acquired business after completion of the proposed transaction; and other risks described in Broadcom's and its predecessors' filings with the United States Securities and Exchange Commission, such as Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Other particular uncertainties that could materially affect future results include risks associated with: any loss of Broadcom's significant customers and fluctuations in the timing and volume of significant customer demand; Broadcom's dependence on contract manufacturing and outsourced supply chain; any other acquisitions Broadcom 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 Broadcom's existing businesses and Broadcom's ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; global economic conditions and concerns; government regulations and trade restrictions; Broadcom's ability to accurately estimate customers' demand and adjust its manufacturing and supply chain accordingly; Broadcom's significant indebtedness, including the additional significant indebtedness that Broadcom expects to incur in connection with the proposed transaction, and the need to generate sufficient cash flows to service and repay such debt, and ability to maintain an investment grade credit rating; dependence on and risks associated with distributors of Broadcom products; dependence on senior management and Broadcom's ability to attract and retain qualified personnel; international political and economic conditions; Broadcom's dependency on a limited number of suppliers; quarterly and annual fluctuations in operating results; the amount and frequency of Broadcom stock repurchases; cyclicality in the semiconductor or enterprise software industry or in target markets; Broadcom's competitive performance and ability to continue achieving design wins with its customers, as well as the timing of any design wins; prolonged disruptions of Broadcom's or its contract manufacturers' manufacturing facilities or other significant operations; Broadcom's ability to improve its manufacturing efficiency and quality; Broadcom's involvement in legal or administrative proceedings; Broadcom's dependence on outsourced service providers for certain key business services and their ability to execute to Broadcom's requirements; Broadcom's ability to maintain or improve gross margin; Broadcom's ability to protect its intellectual property and the unpredictability of any associated litigation expenses; compatibility of Broadcom's software products with operating environments, platforms or third-party products; Broadcom's ability to enter into satisfactory software license agreements; sales to Broadcom's government clients; availability of third party software used in Broadcom's products; use of open source code sources in Broadcom's products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; Broadcom's ability to sell to new types of customers and to keep pace with technological advances; market acceptance of the end products into which Broadcom's products are designed; Broadcom's ability to protect against a breach of security systems; changes in accounting standards; fluctuations in foreign exchange rates; Broadcom's provision for income taxes and overall cash tax costs, legislation that may impact its overall cash tax costs and its 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. Hock Tan, President and Chief Executive Officer of Broadcom, said, "M&A has played a central role in Broadcom's growth strategy and this transaction represents the next logical step in our strategy following our acquisitions of Brocade and CA Technologies. Broadcom has obtained $23 billion in financing ahead of a potential acquisition of Symantec. 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. In October 2019, Broadcom was ordered by the European Union to stop allegedly anticompetitive practices. We are pleased to welcome the talented team of employees at Symantec Enterprise Security to the Broadcom family. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this release, whether as a result of new information, future events or otherwise, except as required by law. Passcode is 7958018. 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. Accordingly, you should not place undue reliance on such statements. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash Expands Broadcom's Infrastructure Software Footprint with … 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. Broadcom Inc. Management does not believe that these items are reflective of the Company's underlying performance. The financial results provided below do not include any contribution from the Symantec Enterprise Security business. Share this article. Chipmaker Broadcom formally announced its acquisition of Symantec's enterprise business after the closing bell on Thursday. With product lines across endpoint security, web security services, cloud security and data loss prevention, Symantec's enterprise security business offers its customers a best-in-class suite of integrated enterprise security solutions. Forward-looking statements speak only as of the date of this communication. The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. 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. http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html. Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. Cautionary Statement Regarding Forward-Looking Statements. Company expects to issue a $12 per share special dividend to Symantec shareholders after close of … A reconciliation of Broadcom's GAAP to non-GAAP historical financial data is available in the Investor Center on its website. Symantec Enterprise; Events. 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. http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html. "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. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual. The formal announcement could be made as soon as today or after the July 4th holiday. 12/10/20 Broadcom Inc. Broadcom to Acquire Symantec Enterprise Security Business August 8, 2019. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Cautionary Note Regarding Forward-Looking Statements Symantec Endpoint Protection Bridge cannot read the required user rights that are specified in the Windows domain security policies on this computer. 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. I think after Broadcom Acquisition CA No more need to reference Gen to CA it is time for Broadcom to return back the tool to its original famous name Cool:Gen 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. 1 Broadcom's 2020 first fiscal quarter begins November 4, 2019. Dial in #: US (866) 610-1072, International +1 (973) 935-2840 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. 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