Symantec has announced that it will sell off its Veritas information management division in a deal worth $8bn.
The Carlyle Group will buy the unit, in partnership with GIC, Singapore’s sovereign wealth fund, and other expected co-investors. The deal is expected to close by 1 January 2016.
Veritas provides storage and server management software to protect and manage critical IT infrastructure and applications, and covers four primary product segments: backup and recovery, integrated appliances, information intelligence and information availability.
Symantec chief executive Michael Brown said that the move will allow the company to focus on the security market and help it return to growth after several difficult years.
"This transaction strengthens our financial foundation, paving the way for Symantec to grow its security business and increase its lead as the world's largest cyber security company," he said.
"We believe the agreement delivers an attractive and certain value for the Veritas business, and is in the best interests of all stakeholders."
The Carlyle Group announced that Bill Coleman will become chief executive of Veritas on closing of the transaction.
Coleman was founder and CEO of BEA Systems, the fastest software company in history to reach $1bn in revenues, and has held senior management positions at Sun Microsystems and Visicorp.
Coleman said he is excited to head up the company and that there is a huge opportunity for the future.
"Our mission is to maintain our industry leadership position while accelerating growth by re-energising our product platform and capitalising on emerging and next-generation technology as the data centre evolves," he said.
"I look forward to partnering with the existing leadership team to establish Veritas as a free-standing company and reinvigorate our culture to drive innovation and value creation.”
Symantec has been working on overhauling its business since October last year when it announced an intention to split the business in two.
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