Citi Reports On Symantec Aquisition

According to Citi, Symantec SYMC announced the acquisition of eDiscovery software vendor Clearwell for $345m plus $45M for employee options issuance. Citi said that Clearwell provides compliance software that enables legal departments to respond to eDiscovery and other legal, regulatory and compliance requests. “It is common that customers use archiving software (such as Symantec's Enterprise Vault - EV) in conjunction with eDiscovery, thus we believe the upsell here is complementary. Competitors to Clearwell include Guidance Software (public) and Access Data (private).” Symantec closed yesterday at $19.57.