Symantec Seeks to Attain Achievements

Chief executive of Symantec Corporation is searching to perform achievement and might allow investors recognize how hungry the security and storage software company will be this year.

Being the CEO of the No. 5 software creator of the world, Enrique Salem has not yet performed a big achievement as he announced plans a year ago to purchase VeriSign Inc’s broadly utilized technology for protecting payments over the Internet in a transaction worth $1.3 billion.

He has not ruled out performing one more agreement of that size, though his preference is to do smaller, “tuck-in” achievements targets that Symantec is centering on take in storage or security companies that give mobility, cloud computing and virtualization, he said at the Reuters Global Technology Summit in New York.

Symantec might reveal as early as the following week at its yearly analyst meeting in New York how much of its $3 billion in cash it will allocate for agreement this year, he added.

The company budgeted $2 billion for acquirements previous year.  Aside from the VeriSign assets, it purchased confidentially held information encryption software creator PGP Corporation for $300 million.

He anticipates observing a wave of consolidation in the technology industry more than the following few years as huge software creators grab little companies. Salem said.  He refused to say what function Symantec would play.

enrique salem symantecHe said, “My expectation is that consolidation will continue. You’ll see meaningful consolidation that will change tech meaningfully.”

Symantec is appraising its choices for its holdings in a corporation with Huawei Technologies Company of China that creates specialized computers for security and storage.

United States shareholders have revealed a desire for shares in Chinese technology companies this year, purchasing up bets in mobile security software creator Netgin Mobile and 21 Vianet Group.

Symantec, which spent $150 million in the business enterprise, possesses a 49% bet in Huawei-Symantec Inc.  It has an authority to purchase an extra 2% in the company for $28 million.

Symantec is presently conversing to Huawei concerning the option of using that authority or selling a bet in the business enterprise to the public through a first public giving, Salem said.  They expect to create a choice by the last part of the year, he added.

According to Symantec’s latest 10-K filing with the U.S. Securities and Exchange Commission, in 2009 the company generated a loss of $63 million on income of $224 million.

He said, “Some of the products that the activists want us to get rid of are central to dealing with growth and data.  I am happy with the portfolio.”

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