Last year, the Trump administration blocked Broadcom's plan to buy Qualcomm over national security concerns. 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. Symantec's consumer business will remain separate and be rebranded. A lot of businesses assume they will never be attacked by a nation-state, but that’s a mistake. Inside one company are the remnants of several others. Washington has urged its allies to keep the Huawei's telecom equipment out of their 5G networks, and in May banned US companies from selling it components without a license. 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. PCMag, PCMag.com and PC Magazine are among the federally registered trademarks of Ziff Davis, LLC and may not be used by third parties without explicit permission. What remains of Symantec will focus on consumer and small business cybesecurity through the company's Norton antivirus and LifeLock identity threat protection products. 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. Email-based cyberattacks continue to be a major risk factor for organizations, and thus email security continues to be a priority area of defense. Robot”. 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. If you click an affiliate link and buy a product or service, we may be paid a fee by that merchant. http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html. Additionally, Broadcom expects to achieve double-digit cash-on-cash returns on its investment. 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. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. The term “Broadcom” refers to Broadcom Inc. and/or its subsidiaries. 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. Broadcom aims to "build one of the world's leading infrastructure technology companies across hardware and software," CEO Hock Tan said on a call with analysts on Thursday. We have a lot to show you. At a minimum, impacted organizations should be alert to the potential downsides of their relationship with Broadcom and — particularly if they fall outside the of its top customer classification — consider the alternatives discussed above for their email security. Symantec made today's deal when its enterprise security business has been struggling to post year-over-year growth. "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. Nation-states like North Korea can hack into businesses to get intellectual property, or because they represent a stepping stone in a supply chain, or the business is a telecommunications company or airline that the nation-state can use to spy on other people. Forward-looking statements speak only as of the date of this communication. 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. See how Symantec’s Integrated Services simplify responding to these … Cautionary Statement Regarding Forward-Looking Statements. 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. Symantec's enterprise security business, on the other hand, is merging with Broadcom, a supplier of semiconductors, ethernet switches and data center technologies. "We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base.". All rights reserved. In a statement, Symantec's interm CEO Rick Hill said its consumer business contributed 90 percent of the company's operating income in this year's second quarter. 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. 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. Come hear the experts in North Korean Cyber Attackers, Dick O’Bri. A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com. Broadcom intends to fund the transaction with proceeds from new committed debt financing. This is why Email Security.cloud (formerly Symantec Email Security.cloud)) customers need to closely review the September 2020 report from the independent market research firm Osterman Research. One more thing: If you want to help us fix this issue, please contact us and let us know what went wrong. Or we could take you back to the Broadcom home page. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Analyst and media reports highlight concerns and alternative strategies for existing customers. a North Korean group heavily involved in stealing industrial and military secrets. Copyright © 2005 - 2020 Broadcom. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. 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. Williams Racing is a Formula One team with 43 years, nine World Constructors’ Championships and seven Drivers’ Championships to their name. 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. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. Broadcom changed Symantec’s product strategy and re-focused support to the largest enterprises. This area is for our customers to connect and learn from each other. 212-355-4449. 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. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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. "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," Broadcom's CEO Hock Tan said in a statement. The enterprise offerings include products to secure cloud servers, computers, and corporate email from hacker intrusions.