NEW YORK – Security software maker Symantec plans to split itself into two companies, with one focused on security and the other on information management.
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The company is planning a tax-free spinoff and wants to complete the split by the end of 2015. Symantec says separating its businesses will create greater growth opportunities and more value for its shareholders.
The security business provides services including data encryption, user authentication, and mail, web and data center security. The Mountain View, California, company says the unit had about $4.2 billion in revenue in its latest fiscal year. Symantec Corp. President and CEO Michael Brown will keep those roles with the security company.
The information management company's services will include backup and recovery, archiving and storage management. Symantec says it had $2.5 billion in annual revenue.