Internet security technology group Symantec is to acquire Nasdaq-listed ON Technology for about $100 million cash, or $4 per ON share.
ON is an enterprise infrastructure management solutions provider headquartered in Massachusetts in the US.
For the year to 31 December 2002, it achieved revenue of $34.8 million and net income of $1.1 million or $0.04 per diluted share.
"ON Technology's software distribution and configuration management capabilities will be a critical component to the end-to-end management system Symantec is establishing to help our customers build, manage and protect their IT infrastructures," says Symantec president and chief operating officer John Schwarz.
"In addition, the partnerships ON has to provide inventory and patch management are ideal complements to Symantec's enterprise security portfolio, to help customers address the challenges of recognising the holes in their IT environment and providing appropriate remediation."
ON chairman, president and CEO, Robert Doretti, says there is a need to link enterprise infrastructure management and enterprise security to protect networked environments.
"By joining forces with Symantec, we can provide customers with industry-leading management solutions that take advantage of the most comprehensive source of threat and vulnerability intelligence."
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