May 19, 2011 – In a formal agreement announced today, Symantec will acquire privately held Clearwell Systems, Inc. for a purchase price of approximately $390 million, net of Clearwell's existing cash balance of approximately $20 million. Clearwell's e-discovery solution is to enhance Symantec's Enterprise Vault product.

"Archiving and e-discovery are two critical elements of information governance," Aaref Hilaly, president and chief executive officer, Clearwell Systems was quoted to say in the release. Hilaly expects the combination of the archiving solution with the e-discovery solution will deliver an integrated information governance workflow to benefit customers of both Symantec and Clearwell.

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