Symantec the Latest to Consider Breaking Up
Company officials may soon announce that Symantec will split in two, with security going one way and storage another, according to a report.Symantec may be the next major tech vendor to split in two, in the wake of similar moves by Hewlett-Packard and eBay. Citing unnamed people with knowledge of the matter, Bloomberg News reported Oct. 8 that Symantec officials are considering breaking the company in two, with one company focused on security and the other on data storage. One of the people said an announcement could be made in a few weeks. Symantec officials have declined to comment on the report. The report about Symantec comes two days after venerable Silicon Valley company Hewlett-Packard announced it will split in two over the next 12 months, with one—which will be named HP Inc.—selling printers and PCs, and the other—Hewlett-Packard Enterprise—concentrating on corporate IT solutions and services. Officials with eBay announced Sept. 30 that the online auction site will split off its PayPal online payment processing businesses next year, creating two companies.
The recent announcements highlight a trend within the tech industry of some vendors splitting or shedding business units in an effort to become more focused and streamlined and to give a boost to their bottom lines. HP CEO Meg Whitman, in announcing the decision to split up the company after several years of pushing back at pressure to do so, said the result will be two more nimble companies that will have greater freedom to pursue their respective roadmaps and focus more narrowly on their customers.