Symantec To Sell APM Business To Vector Capital

Symantec Corp. has announced that it has signed a definitive agreement to sell its Application Performance Management (APM) business to Vector Capital. Upon closing, the APM business will operate as a new, stand-alone company called Precise Software Solutions Inc. The transaction, which is subject to certain customary conditions, is expected to close by the end of the first calendar quarter of 2008.

“Vector Capital has a proven track record for building strong technology businesses out of divisions it purchases and will provide Symantec’s APM customers with a more dedicated focus and investment,” said Greg Butterfield, interim group president, Storage and Server Management Group, Symantec. “Selling the APM business will allow the Storage and Server management team to focus on securing and managing information.”

“Having successfully spun out divisions from both Intel and Raytheon, Vector Capital has a strong track record of restoring focus and growth to non-core divisions of the largest global technology companies,” said Chris Nicholson, partner at Vector Capital. “We are committed to taking great care of customers, delivering innovative products and creating future opportunities for the employees of this business.”

More from Biztech

Future Group - Reliance Retail Deal approved by CCI RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market

Upon closing of the transaction, Precise Software Solutions will take over all development, product management, marketing and sales for the APM business.