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Veritas Software extends it's Utility Computing offering through latest acquisition [UC Newsdesk 2003/6/30]
Veritas Software has announced the acquisition of Precise Software Solutions. The aggregate value of the merger consideration is approximately $609 million, consisting of approximately $400 million in cash and 7.4 million shares of Veritas common stock, subject to final tabulation by Veritas' exchange agent. With 22 consecutive quarters of revenue growth, Precise Software leads the application performance management (APM) market, a high-growth market that industry analysts predict will grow to $4.92 billion by 2006. With the acquisition Veritas aims to expand its heterogeneous offering by accelerating the rate at which data can be accessed. A utility computing model requires fast, reliable access to data and applications. Gary Bloom, chairman, president and CEO of Veritas commented "the integrated technologies will allow Veritas to enable utility computing by increasing the availability and performance of our customers' applications while lowering the cost of their existing hardware and reducing the complexity of IT environments."
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