Symantec buys Quarterdeck

Symantec buys Quarterdeck

Symantec last week confirmed it will acquire struggling PC management software developer Quarterdeck by November in a deal valued at $US65 million.

"What we've got to do is take the next 30 to 60 days to evaluate what we're going to do," said Enrique Salem, vice president of the security and assistance business unit and chief technology officer at Symantec.

"We're trying to strengthen our position as the leader in utility software for business and personal computers."

The deal will allow Quarterdeck to broaden its reach by leveraging Symantec's strong geographic presence and allow Symantec to integrate the Quarterdeck utility technology into its suite of products.

In July, Quarterdeck posted a third-quarter net loss of $US14.7 million on net revenues of $US8 million, compared to a net income of $US1.1 million on revenues of $US21.1 million for the same quarter last year.

After launching a restructuring and cost-cutting program in June, the company's president, CEO, and director Curt Hessler resigned his duties in early July in an effort to save the company more money.

Following Hessler's departure, King Lee, a member of Quarterdeck's board of directors, took over as interim president. Lee previously led the company through the restructuring of its worldwide operations.

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