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10/3/2005
01:38 PM
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Symantec Buys BindView

A week after buying Whole Security, Symantec breaks out wallet again to buy supplier of agentless security policy compliance management.

Symantec kept up its buying spree Monday as it announced the planned purchase of Houston, Texas-based BindView Development for $209 million in cash.

Just over a week ago, Symantec said it would buy Austin, Tex.-based WholeSecurity, a 60-employee maker of anti-phishing and intrusion prevention software, for an undisclosed amount.

BindView is a bigger fish, with more than 500 employees and expected revenues in the third quarter of $17.7 to $18.1 million. Its technology, which Symantec characterized as agentless security policy compliance management, will complement the Cupertino, Calif.-based security giant's own policy and compliance software.

"Not only will we be able to meet customers' IT security and policy compliance needs with a complete range of product capabilities, but we will also be able to help reduce the cost and complexity associated with compliance," promised Ajei Gopal, a Symantec senior vice president, in a statement Monday.

The deal, which will require both government and BindView stockholder approval, should close in the first quarter of 2006, said Symantec.

In early trading Monday, Symantec's shares rose $.16 or 0.71 percent to $22.82, while BindView's jumped $.37 (10.6 percent) to $3.87 on the news, even though on Monday it also downgraded its estimated revenues for the quarter by as much as $3.4 million.

Symantec said it expects to pay $4 per share for BindView.

In mid-August, Symantec also said it had agreed to acquire the privately-held Sygate Technologies, a company that makes software which ensures remote systems comply with security policies before they're allowed to access a network.

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