Symantec Acquires Swap Drive for $123.00 Million
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, 6/22/2013 in category "Internet"
Abstract: Symantec Acquires Swap Drive for $123.00 Million
In recent the news of Mergers and Acquisition is quite at large, as we saw some of the biggest companies were either merged or bought by even bigger companies who are willing to expand their market. Recently we have heard the news that Intel has bought McAfee, however McAfee will sell its products and services under its own name, but all the profits will go to Intel, even the CEO of McAfee was hired by Intel as General Manager of the company. Still people don’t know why McAfee sold itself to Intel even when they are making good money from the security market.
Another case of big acquisition was that EMC bought the online backup service namely Mozy for $76 Million and the things goes on and on and on!
Just like these cases, another new case is that Symantec which is known to be one of the well known and credible security software developer and provider has finally bought Swap Drive for $123 million which is surely very high, and Mozy is definitely a lot better than Swap Drive.
The news of Symantec and Swap Drive remain hidden for some time, as none of the companies have issues any press releases mentioning any merger or acquisition or any kind of deal, but if you go to the website of Swap Drive, than you will surely find on their site that the website is now operated by Symantec, however after some time Symantec mentioned that in their conference that the acquisition of Swap Drive has taken place, and the company has taken this step to forward and to step in the online backup service market.
Symantec might have hide this news due to the following reasons:
They don’t want to scare off Swap Drive’s current customers or targeted customers, as nobody wants to store his personal and confidential data in an online backup service which doesn’t have any strong roots or is going to acquire by someone else, as it leaves the user data in quite vulnerable state.
Symantec was finding the right time to release this news.
Symantec was doing its homework that whether such news will affect the Swap Drive’s existing customers.
Would they be able to grasp the market of online backup services after this news is out in the market.
Well no matter what they say, sooner or later they had to reveal the news, else their subscribers would have right to sue the company and its owners for hiding this information from them, and this thing will surely go against Symantec as well as the previous owners of Swap Drive.
Swap Drive was surely going great, as it was getting around 13,000 new subscribers every day, which literally means that company was making good enough money. I would say it as a bad move by Swap drive, as if they have retained this company for next 5 years they would have made this amount easily at which they have sold it to Symantec. However we really don’t know the inside story, but one this is for sure that Symantec has bought Swap Drive, and now you would be dealing with Symantec now for your online storage.
Maria is a 20 year old part time blogger. She is extremely passionate about UK Cloud Storage and loves to write Reviews on everything that interests her.