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Symantec acquires online backup service SwapDrive
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.
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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User Comments (1)
Post a comment| TimeParadoX on June 12, 2008 9:26 PM | I think what they should spend $123 million dollars on is research on how to make their mockery of the security system they have. Their Norton Antivirus is horrible and they should fix that before trying to move on. But I guess people will always be stubborn and buy Norton the way it is now...
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