Chinese telecom equipment major Huawei Technologies has decided to buy
Symantec’s 49 percent stake in Huawei Symantec Technologies for $530 million.

The agreement enables Huawei to have 100 percent stake in Huawei Symantec that
offers security, storage and systems management solutions.

“Huawei Symantec will become a key pillar of Huawei’s ICT solutions. The
integration of Huawei Symantec’s innovative security and storage technology
with Huawei’s enterprise products will reinforce Huawei’s leading position in
cloud computing,” said Guo Ping, deputy chairman of Huawei http://www.huawei.com.

“Huawei Symantec has achieved tremendous success in the past four years,
having built a portfolio of products and solutions that are widely recognized
by our customers and business partners. Looking ahead, Huawei will continue to
increase investment in Huawei Symantec, reaffirming its commitment to
customers,” Ping added.

China is one of Symantec’s fastest growing markets. It has grown 46 percent
over the last three fiscal years. Symantec is committed to ongoing investment
in China as well as building additional relationships in the region, according
to a press release in MarketWatch.com.

“Symantec achieved the objectives we set four years ago and exit the joint
venture with a good return on our investment, increased penetration into China
and a growing appliance business,” said Enrique Salem, president and chief
executive officer, Symantec.

“Expertise gained from this endeavor has also led to our growing appliance
business that provides our customers the additional choice of Symantec market
leading security and storage software in an easy to deploy appliance,”
Salem added.

By Telecomlead.com Team
[email protected]