IT security company Symantec Corporation has closed acquisition of Clearwell for $390m.
Both the parties have announced the acquisition agreement on 19 May 2011.
Symantec notes the acquisition will add archiving, backup and eDiscovery offerings to its existing offerings, enabling it to offer a broader set of information management capabilities to customers.
The deal will help Symantec provide future product integration opportunities with Symantec backup and security, Symantec NetBackup, Data Loss Prevention and Data Insight, the company said.
As information continues to grow at unprecedented rates, eDiscovery capabilities help customers address the search, discovery, and analysis of electronically stored information in distributed endpoints, such as laptops and desktops and cloud-based applications.
eDiscovery offerings include services such as creating and managing archives as well as providing back-up of files on computers.
Symantec said eDIscovery products will enable organisations to reduce risks while streamlining their eDiscovery workflow across all phases of information management for litigation, investigations and regulatory compliance.
The deal will also help expand Symantec’s market opportunity in the eDiscovery software market.
