Symantec to acquire Aussie security vendor PC Tools

Symantec has expanded its consumer product portfolio with an announcemet that it has signed a definitive agreement to acquire privately held Australian security vendor, PC Tools.

At this stage, the financial terms of the acquisition are not being disclosed but the transaction is expected to close by the end of 2008.

According to Symantec, the addition of PC Tools will expand its consumer product portfolio to include PC utilities software and point security technologies.

“We are excited to welcome PC Tools into the Symantec consumer family and believe the combination of our two companies will provide additional value and choice for consumers worldwide to better protect their digital life," said Janice Chaffin, Symantec Group President of Consumer Products.

“By adding PC Tools, we build on the market-leading success of Symantec’s consumer offerings and firmly position ourselves for continued incremental growth in a rapidly expanding market."

PC Tools will maintain separate operations within Symantec’s consumer business unit and will continue to offer products under the PC Tools brand and serve its customers through its existing partners and channels.

A spokesperson for PC Tools said the company could not comment on the announcement.

PC Tools is a privately held company headquartered in Australia, with offices in USA, UK, Ireland and the Ukraine.