Symantec acquires Clearwell, eyes e-discovery market

Symantec said it will acquire privately held Clearwell Systems in a move to better tap into the e-discovery market.

Symantec on Thursday said it will acquire privately held Clearwell Systems in a move to better tap into the e-discovery market.

With the move, Symantec plans to combine Clearwell with its archiving and backup software. Symantec has e-discovery software called Enterprise Vault, but aims to use Clearwell to offer a larger suite.

The e-discovery market is expected to be a $1.7 billion market in 2014, according to Gartner. Symantec is best known for its security software, but has a sizable storage and information management unit.

Symantec said the purchase will shave 1.5 cents a share from its fiscal 2012 earnings. The deal should be accretive for fiscal 2013 earnings. Symantec recently reported its fourth quarter results. The company handily topped estimates with fourth quarter net income of $297 million, or 22 cents a share, on revenue of $1.6 billion. Non-GAAP earnings were 38 cents a share, two cents ahead of estimates.

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