Symantec has just announced that it is acquiring Clearwell Systems for $390 million, an enterprise-class eDiscovery management platform maker.
"Archiving and eDiscovery are two critical elements of information governance," said Aaref Hilaly, president and chief executive officer, Clearwell Systems, in a press release. "By joining forces and combining the industry's leading archiving solution with the industry's leading eDiscovery solution, we will be uniquely positioned to deliver a seamless, integrated information governance workflow, benefitting both Symantec and Clearwell customers."
Symantec is widely known for its Norton security products, but of late it has been making a play at eDiscovery platforms, a strategic move, considering Gartner values the market at around $1.7 billion, and is expected to grow at an annual rate of 14 percent. What's more, Symantec spent $2 billion last year in acquisitions, $1.25+ billion of that coming in its acquisition of VeriSign, Inc.
Symantec expects Clearwell to increase the company's ability to provide its customers with archiving and backup services, considering that Clearwell is one of the more well-known information management platforms out there.