August 31, 2004
Veritas Acquires E-Mail Archiver KVS
All-cash deal valued at $225 million, adds 200 employees and $23 million in revenue.
Veritas Software Corp. said Tueday it will acquire KVault Software Ltd. in an all-cash deal for $225 million. KVS, best known for its e-mail archiving software, will give Veritas customers the ability to store, manage and backup corporate e-mail and data.
KVS serves more than 1.7 million seats with policy-based archiving of Microsoft Exchange, Microsoft SharePoint, Microsoft Office and file systems. Another compliance player, KVS enables the archiving of infrequently accessed information to cheaper storage media and allows organizations to better manage e-mail storage costs and management.
"KVS will add another strategic component to the Veritas utility computing portfolio" said Gary Bloom, chairman, president and CEO of Veritas, in a statement.
The acquisition is expected to be complete by the end of September. Approximately 200 KVS employees will operate as a separate unit, building on the company's 2003 revenues of $23 million.
