Obsessed with technology?
Subscribe to the latest tech news as well as exciting promotions from us and our partners!
By subscribing, you indicate that you have read & understood the SPH's Privacy Policy and PDPA Statement.
News Categories

Broadcom is rumored to be in talks to acquire cybersecurity firm Symantec

By Wong Chung Wee - on 4 Jul 2019, 11:20am

Broadcom is rumored to be in talks to acquire cybersecurity firm Symantec

Bloomberg has reported Broadcom is in “advanced talks” to acquire security software firm Symantec. Broadcom wants to expand its business into the “more profitable” software market segment. According to Bloomberg’s sources, the two firms should come into an agreement within weeks.

Symantec is one the largest cybersecurity firms; since 2015, the firm has operated its Security Operations Center (SOC) in Singapore. The Singapore SOC is the firm’s sixth such center in the world and the fourth in Asia-Pacific.

Broadcom isn’t the first hardware manufacturer to acquire a software firm. In 2010, Intel acquire computer security firm McAfee for US$7.7 billion; however, in 2018, the chipmaker divested 51% of McAfee to a private equity firm TPG Capital.

As for Broadcom, this rumored acquisition comes in the wake of its recent US$18.8 billion purchase of software firm CA Technologies. Most readers will recall US President Donald Trump’s successful objection to Broadcom attempted acquisition of Qualcomm in March last year.

Bloomberg also reported that neither Symantec nor Broadcom representatives have issued official comments on the news of this acquisition but do watch this space for more developments.

Source: Bloomberg