Symantec Signs Definitive Agreement to Acquire SkycureJuly 11, 2017
FOR IMMEDIATE RELEASE
SILICON VALLEY—July 11, 2017—O’Melveny represented US / Israeli cybersecurity company Skycure Ltd. in a definitive agreement to be acquired by Symantec, one of the world’s largest software security companies. Financial details were not disclosed.
The O’Melveny team was led by partner Warren Lazarow, counsel Noah Kornblith, and associates Amanda Bradley and John Chong. Partners Luc Moritz and Bob Fisher advised on tax issues, counsel Brian Danella and associate Tom Oslovar advised on intellectual property matters, and senior counsel Warren Fox and associate Rebecca Cottrell advised on executive compensation and employee benefit matters. Oren Knobel of Matry, Meiri & Co., Law Offices also represented Skycure.
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O’Melveny & Myers LLP
The following release was issued by Symantec:
Symantec to Acquire Skycure, Providing Customers with Comprehensive Mobile Threat Defense Across iOS, Android, and Windows07/11/2017
“One of the most dangerous assumptions in today’s world is that iOS and other mobile devices that employees bring into the office are safe, but the apps and data on these devices are under increasing attack. We believe that tomorrow’s workforce will be completely mobile and will demand a cyber defense solution that travels with them,” said Greg Clark, Symantec CEO. “Mobile is a core component of our strategy and the acquisition of Skycure is a major step forward in executing it. Together, we will offer the cloud generation an integrated mobile cyber defense architecture that will protect customers’ mobile devices and networks across iOS, Android and Windows.”
Clark added, “The promise of a mobile threat defense that comes from a combination like Skycure and Symantec is compelling. As we look ahead, we believe the future is mobile-first and requires protection levels that single platform vendors will struggle to provide on their own. Our investments in this area will bring defense-in-depth across platforms including closed operating systems.”
Adi Sharabani, Co-Founder and CEO of Skycure, said, “We are delighted to join the Symantec team and are pleased that they recognize the value in our Mobile Threat Defense solution, which allows us to get ahead of attacks before they strike and defend against threats without infringing on end user experience or privacy. Customers want mobile security solutions that are easy to deploy and manage, and our threat protection technology offering complements Symantec’s leading endpoint protection solutions, making it easier for companies to embrace BYOD.”
With the addition of Skycure’s technologies, Symantec will also be positioned to serve as a strategic partner for telecommunications companies seeking to build comprehensive mobile security solutions for their end users. Skycure also has validation from Global 2000 customers in the healthcare and financial sectors.
The transaction is subject to customary closing conditions, and is expected to close in the second fiscal quarter of 2017. Symantec expects Skycure’s technologies to be available to its existing and new Endpoint Protection and Norton Antivirus customers and partners soon after the transaction closes. Financial terms of the transaction were not disclosed.
Skycure is the leader in mobile threat defense. Skycure’s platform offers unparalleled depth of threat intelligence to predict, detect and protect against the broadest range of existing and unknown threats. Skycure’s predictive technology uses a layered approach that leverages massive crowd-sourced threat intelligence, in addition to both device- and server-based analysis, to proactively protect mobile devices from malware, network threats, and app/OS vulnerability exploits. Skycure Research Labs have identified some of the most-discussed mobile device vulnerabilities of the past few years, including App-in-the-Middle, Accessibility Clickjacking, No iOS Zone, Malicious Profiles, Invisible Malicious Profiles, WifiGate and LinkedOut. The company was founded by security industry veterans Adi Sharabani and Yair Amit and is backed by Foundation Capital, Shasta Ventures, Pitango Venture Capital, New York Life, Mike Weider, Peter McKay, Lane Bess, and other strategic investors.
Symantec Corporation (NASDAQ:SYMC), the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton and LifeLock product suites to protect their digital lives at home and across their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information, please visit www.symantec.com or connect with us on Facebook, Twitter, and LinkedIn.
NOTE TO US EDITORS: If you would like additional information on Symantec Corporation and its products, please visit the Symantec News Room. All prices noted are in US dollars and are valid only in the United States.
Symantec, the Symantec logo and the Checkmark logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the US and other countries. Other names may be trademarks of their respective owners.
This press release contains forward-looking statements within the meaning of US federal securities laws, including expectations regarding the acquisition of Skycure and the timeframe in which this will occur and the expected benefits to Symantec, Skycure, and their respective customers from completing the acquisition, including the combination of Skycure’s mobile threat defense technology with Symantec’s existing mobility offerings. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievement to differ materially from those expressed or implied in this press release. Such risk factors include, among others, satisfaction of closing conditions to the transaction, the ability of Symantec to successfully integrate the merged business and achieve the expected benefits, and customer demand for the integrated product offerings. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors section of Symantec's Form 10-K for the year ended March 31, 2017. Symantec assumes no obligation, and does not intend, to update any forward-looking statement contained in this press release. In addition, any forward-looking indication of plans for products is preliminary and all future release dates are tentative and are subject to change. Any future release of the product or planned modifications to product capability, functionality, or feature are subject to ongoing evaluation by Symantec, and may or may not be implemented. As such, statements about such plans should not be considered firm commitments by Symantec and should not be relied upon in making purchasing or investment decisions.
View source version on businesswire.com.
Source: Symantec Corp.
Kristen Batch, 650-527-8000
Jonathan Doros, 650-527-5523