Monday, Symantec Corporation (SYMC), security, storage and systems management solutions provider, said it completed the purchase of UK-based MessageLabs.
As per the terms of the agreement, which was announced on October 8, Symantec acquired MessageLabs for US$695 million in cash. The purchase price, subject to foreign currency adjustments, was payable in about GBP 310 million and US$154 million.
With the acquisition, Symantec said it would gain a leadership position in the Software-as-a-Service or SaaS market and that it could expand its existing SaaS portfolio with messaging and web security services of MessageLabs.
Symantec also said the combined expertise of MessageLabs and Symantec would expand SaaS delivery and customer support models across the Symantec technology portfolio and accelerate the development of new hybrid online and on-premise offerings for IT professionals.
The Stock closed Friday, at $12.21 on the Nasdaq.
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