Huawei buys out Symantec in joint venture

[InfoSec News <alerts () infosecnews org>]

http://www.networkworld.com/news/2011/111411-huawei-buys-out-symantec-in-253086.html

By Stephen Lawson
IDG News Service
November 14, 2011

Huawei Technologies will buy out the rest of a joint venture with 
Symantec for US$530 million, the companies announced on Monday.

The venture, based in Hong Kong, was formed in 2008 to integrate 
Symantec storage and security software into appliances built with 
Huawei's telecommunications equipment expertise. Symantec owns 49 
percent of Huawei Symantec Technologies, while Huawei holds 51 percent.

After the sale, which is expected to close in the first quarter of 2012, 
Symantec will receive royalties from Huawei for seven years for the 
technologies it contributes to the appliances. Symantec will still 
maintain its own business in China, which includes two research and 
development centers, and its own appliance business, said Enrique Salem, 
Symantec's CEO, on a conference call Monday. The few Symantec employees 
who worked for the joint venture itself will move to other parts of 
Symantec, he said.

Huawei Symantec Technologies entered the U.S. market late last year with 
the Oceanspace S2600 and N8300 storage platforms and the Secospace 
USG2000, a network gateway including switching, routing and security 
features.

[...]


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