Symantec offers security software for companies and consumers that protects against viruses, detects attempted intrusions, reduces spam, and filters unwanted content. The company’s Norton Security and LifeLock Identity Theft Protection products help consumers protect their devices, identities, online privacy, and home networks. For commercial customers, Symantec’s Enterprise products offer similar protections on a grander scale as well as others such as network security and cloud security and threat intelligence. The company counts as customers some 350,000 corporations and organizations and more than 50 million consumers. In 2019, Symantec agreed to sell its enterprise security business and its name to Broadcom for $10.7 billion.
In the past few years Symantec refocused its entire business on security. In late 2015 it divested its ill-fitting Veritas business that it bought in 2005 and used the proceeds to help purchase BlueCoat in mid-2016 and LifeLock in early 2017.
Part of the strategic reasoning behind the acquisitions was the desire to cross-sell and upsell products. Blue Coat brought with it a cache of large, enterprise customers to whom Symantec can sell its other enterprise security products. LifeLock similarly brought customers (nearly 4 million) into the Symantec sphere and they are prime candidates to see the value in the company’s other security products. The consumer segment alone believes it can garner more than $700 million in cross-sell revenue, over the next few years.
Artificial intelligence expert Gary Hendrix founded Symantec in 1982 with a focus in AI-related products. Gordon Eubanks, a former student of the late industry pioneer Gary Kildall and founder of C&E Software, was appointed CEO in 1983 and bought the company in 1984. Realizing that Symantec could not compete against Microsoft and Lotus, Eubanks began buying niche-market software firms. In 1990, a year after going public, Symantec merged with DOS utilities market leader Peter Norton Computing. It bought 13 companies between 1990 and 1994. Over time, the company transitioned to provide cyber-security related products.