Symantec acquires online backup service SwapDrive

By on June 12, 2008, 8:36 PM
Symantec has quietly acquired online backup company SwapDrive for an estimated $123 million. SwapDrive offers consumers and small businesses a secure way to have their files automatically backed up and retrieve them at any time from any device.

Symantec already runs web-hosted storage services targeted mainly at small and medium businesses, but the acquisition should help it expand into the increasingly crowded consumer market. The company reportedly plans to integrate SwapDrive's service into its Norton consumer storage and security products, selling online storage space as part of broader subscription software packages. The deal is expected to close by the end of the month.

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