SAN JOSE, Calif., Nov. 4, 2019 /PRNewswire/ -- Broadcom Inc.
(NASDAQ: AVGO), a global technology leader that designs, develops
and supplies semiconductor and infrastructure software solutions,
today announced that it has completed its acquisition of the
Enterprise Security business of Symantec Corporation (NASDAQ:
SYMC).
Symantec's Enterprise Security business will now operate as the
Symantec Enterprise division of Broadcom and will be led by
Art Gilliland as SVP and General
Manager. Mr. Gilliland most recently served as General Manager of
Symantec's Enterprise Security business where he oversaw the
Enterprise Security product and engineering teams, Enterprise
Security Worldwide Sales and the Enterprise Security customer
support organization. He brings more than 20 years of experience in
the security software industry.
"Today represents an important milestone as Symantec's
Enterprise Security business joins our other semiconductor and
software franchises that together form the Broadcom platform," said
Hock Tan, President and Chief Executive Officer of Broadcom.
"Symantec's Enterprise Security business expands our footprint of
mission critical infrastructure software for the Global 2000. We
are pleased to welcome the talented team of employees at Symantec
Enterprise Security to the Broadcom family."
"We are excited to join Broadcom as it continues to build one of
the world's leading infrastructure technology companies," said Mr.
Gilliland. "Broadcom has a proven track record of successfully
integrating companies, enabling enhanced growth and a faster pace
of innovation, and we look forward to welcoming Symantec Enterprise
customers, employees and suppliers to the Broadcom community."
About Broadcom
Broadcom Inc., (NASDAQ: AVGO), a
Delaware corporation headquartered
in San Jose, CA, is a global
technology leader that designs, develops and supplies a broad range
of semiconductor and infrastructure software solutions. Broadcom's
category-leading product portfolio serves critical markets
including data center, networking, enterprise software, broadband,
wireless, storage and industrial. Our solutions include data center
networking and storage, enterprise, mainframe and cyber security
software focused on automation, monitoring and security, smartphone
components, telecoms and factory automation. For more information,
go to www.broadcom.com.
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking statements
(including within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended) concerning
Broadcom. These statements include, but are not limited to,
statements that address our expected future business and financial
performance and other statements identified by words such as
"will", "expect", "believe", "anticipate", "estimate", "should",
"intend", "plan", "potential", "predict" "project", "aim", and
similar words, phrases or expressions. These forward-looking
statements are based on current expectations and beliefs of the
management of Broadcom, as well as assumptions made by, and
information currently available to, such management, current market
trends and market conditions and involve risks and uncertainties,
many of which are outside the Company's and management's control,
and which may cause actual results to differ materially from those
contained in forward-looking statements. Accordingly, you should
not place undue reliance on such statements.
Particular uncertainties that could materially affect future
results include risks associated with: our Symantec Corporation
("Symantec") transaction, including (1) potential difficulties in
employee retention, (2) unexpected costs, charges or expenses, and
(3) our ability to successfully integrate the Symantec enterprise
business and achieve the anticipated benefits of the transaction;
any loss of our significant customers and fluctuations in the
timing and volume of significant customer demand; our dependence on
contract manufacturing and outsourced supply chain; global economic
conditions and concerns; any acquisitions we may make, such as
delays, challenges and expenses associated with receiving
governmental and regulatory approvals and satisfying other closing
conditions, and with integrating acquired companies with our
existing businesses and our ability to achieve the benefits, growth
prospects and synergies expected by such acquisitions, including
our recently completed transaction with Symantec; government
regulations and trade restrictions; our ability to accurately
estimate customers' demand and adjust our manufacturing and supply
chain accordingly; our significant indebtedness, including the
additional significant indebtedness that we have incurred in
connection with the Symantec transaction and the need to generate
sufficient cash flows to service and repay such debt; dependence on
and risks associated with distributors of our products; dependence
on senior management and our ability to attract and retain
qualified personnel; international political and economic
conditions; involvement in legal and administrative proceedings;
our dependency on a limited number of suppliers; quarterly and
annual fluctuations in operating results; cyclicality in the
semiconductor industry or in our target markets; our competitive
performance and ability to continue achieving design wins with our
customers, as well as the timing of any design wins; prolonged
disruptions of our or our contract manufacturers' manufacturing
facilities or other significant operations; our ability to improve
our manufacturing efficiency and quality; our dependence on
outsourced service providers for certain key business services and
their ability to execute to our requirements; our ability to
maintain or improve gross margin; our ability to protect our
intellectual property and the unpredictability of any associated
litigation expenses; compatibility of our software products with
operating environments, platforms or third-party products; our
ability to enter into satisfactory software license agreements;
sales to our government clients; availability of third party
software used in our products; use of open source code sources in
our products; any expenses or reputational damage associated with
resolving customer product warranty and indemnification claims; our
ability to sell to new types of customers and to keep pace with
technological advances; market acceptance of the end products into
which our products are designed; our ability to protect against a
breach of security systems; changes in accounting standards;
fluctuations in foreign exchange rates; the amount and frequency of
our stock repurchases; our provisions for income taxes and overall
cash tax costs, legislation that may impact our overall cash tax
costs and our ability to maintain tax concessions in certain
jurisdictions; and other events and trends on a national, regional
and global scale, including those of a political, economic,
business, competitive and regulatory nature.
Our filings with the SEC, which you may obtain for free at the
SEC's website at https://www.sec.gov, discuss some of the
important risk factors that may affect our business, results of
operations and financial condition. Actual results may vary from
the estimates provided. We undertake no intent or obligation to
publicly update or revise any of the estimates and other
forward-looking statements made in this release, whether as a
result of new information, future events or otherwise, except as
required by law.
Contacts
Beatrice F. Russotto
Investor Relations
408-433-8000
investor.relations@broadcom.com
Joele Frank / Steve Frankel / Andi
Rose
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Broadcom Inc.