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.
According to a news release, this move is Symantec’s response to requirements of businesses to adopt more formal information governance processes to aid in legal discovery.
"As information continues to grow at unprecedented rates, the biggest challenge for customers is to protect, manage and backup this information as well as have the ability to categorize and discover it efficiently," said Deepak Mohan, senior vice president, Information Management Group, Symantec in the announcement. He went on to say that the acquisition will increase Symantec's ability to get the right information, to the right people, at the right time, while reducing overall legal review costs and limiting risk.
The agreement is subject to customary closing conditions, including regulatory approval, and is expected to close in the September quarter. Upon close of the acquisition, Clearwell will join the Information Management Group led by Deepak Mohan.
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