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Financial terms were … Broadcom Completes Acquisition of Symantec Enterprise Security Business News provided by. Passcode is 7958018. Reaffirms Fiscal Year 2019 Revenue Guidance. 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. Forward-looking statements speak only as of the date of this communication. 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 … Beatrice F. Russotto 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. Beatrice F. Russotto The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. 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. 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. Cautionary Statement Regarding Forward-Looking Statements. Financial terms were not disclosed. 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. Broadcom has obtained $23 billion in financing ahead of a potential acquisition of Symantec. Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. 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. In 2019, Broadcom was announced the 5th best stock of the 2010s, with a total return of 1,956%. 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. 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. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Time: 2:00 PM Pacific (5:00 PM Eastern) The Bridge services cannot run if user rights are not assigned to Symantec Endpoint Protection Bridge services. 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 … For more information, go to www.broadcom.com. 408-433-8000investor.relations@Broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher DUBLIN (dpa-AFX) - Accenture (ACN) agreed to acquire Symantec's Cyber Security Services business from Broadcom Inc. (AVGO). 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. "Symantec's Enterprise Security business expands our footprint of mission critical infrastructure software for the Global 2000. 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. 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. Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. Accordingly, you should not place undue reliance on such statements. On January 7, 2020, Accenture plc had agreed to acquire Symantec's 300-person cybersecurity services division from Broadcom. Copyright © 2005 - 2021 Broadcom. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Actual results may vary from the estimates provided. Symantec has not released the financial details for most of these mergers and acquisitions. 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. A recent … He brings more than 20 years of experience in the security software industry. We are pleased to welcome the talented team of employees at Symantec Enterprise Security to the Broadcom family. Copyright © 2005 - 2021 Broadcom. 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. 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 Our semiconductor solutions segment continued to work its way through a cyclical correction. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. 12/10/20 Broadcom Inc. All the latest Broadcom news -- product and financial -- can be found in the Broadcom newsroom. 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. 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. Symantec Enterprise; Events. ", "We are excited to join Broadcom as it continues to build one of the world's leading infrastructure technology companies," said Mr. Gilliland. 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 Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. "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. Broadcom intends to fund the transaction with proceeds from new committed debt financing. The formal announcement could be … 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. All rights reserved. Of the companies that Symantec has acquired, 50 were based in the United States. Broadcom today also reaffirmed its fiscal year 2019 revenue guidance of $22.5 billion, with $17.5 billion from semiconductor solutions and $5 billion from infrastructure software, as last provided in its second quarter fiscal year 2019 earnings release on June 13, 2019. Management does not believe that these items are reflective of the Company's underlying performance. http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html. Acquisition will make Accenture Security one of the world’s leading providers of managed security services. 12/10/20 Broadcom Inc. 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. Announces Senior Leadership Appointments to Drive Continued Growth and Success. Source: Press release, "Symantec Announces Sale of Enterprise Security Assets for $10.7 Billion to Broadcom" Accessed 26 August 2019. 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. 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 Endpoint Protection Bridge cannot read the required user rights that are specified in the Windows domain security policies on this computer. 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. Broadcom will host a conference call to discuss details of the transaction. The formal announcement could be made as soon as today or after the July 4th holiday. Broadcom is not readily able to provide a reconciliation of the projected non-GAAP financial information presented herein to the relevant projected GAAP measures without unreasonable effort. We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base.". 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. 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. Company expects to issue a $12 per share special dividend to Symantec shareholders after close of … Broadcom to Acquire Symantec Enterprise Security Business August 8, 2019. Strategic partnerships to expand reach and deliver superior customer experienceSAN JOSE, Calif., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Broadcom Inc. … The financial results provided below do not include any contribution from the Symantec Enterprise Security business. 408-433-8000investor.relations@broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher Symantec Announces Sale of Enterprise Security Assets for $10.7 Billion to Broadcom. Dial in #: US (866) 610-1072, International +1 (973) 935-2840 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. Investor Relations All rights reserved. 212-355-4449. 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. 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'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. All Events; Enterprise Software; Mainframe Software; Symantec Enterprise; Water Cooler; Groups . 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. Chipmaker Broadcom formally announced its acquisition of Symantec's enterprise business after the closing bell on Thursday. 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 Broadcom Inc. Nov 04, 2019, 08:48 ET. "Fiscal year 2019 concluded as expected. 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. 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. In October 2019, Broadcom was ordered by the European Union to stop allegedly anticompetitive practices. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash Expands Broadcom's Infrastructure Software Footprint with … Conference call date: August 8, 2019 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. 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). Investor Relations Following the closing of the transaction, Broadcom will own and incorporate the Symantec brand name into the Broadcom portfolio. 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. Announces Commencement of Private Offering of Senior Notes and Concurrent Tender Offers and Consent Solicitations. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. 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. Broadcom is … To find Endpoint Protection documentation, click the SAN … Check the user rights in your domain security policies manually. 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. http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html. 1 Broadcom's 2020 first fiscal quarter begins November 4, 2019. 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. Symantec shares have jumped in response to claims that Broadcom may be considering the acquisition of the cybersecurity company. 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. 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. 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