Symantec is splitting up to form two companies

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Symantec says it will become a security company and an information management company.

On Thursday afternoon, giant antivirus firm Symantec announced that it would split up into two separate, publicly traded companies: one focused on security and one focused on information management. Symantec is the company that produces The Norton antivirus security suite.
This is this third giant technology company to announce a split into two separate companies in ten days.

Last week, eBay announced that it would spin off its PayPal division so that the two companies could pursue different strategies. Then on Sunday, HP announced that it would separate into “Consumer” and “Enterprise” companies, with the consumer side focusing on PCs and printers and the enterprise company providing corporate hardware and services. Symantec, it seems, is adopting a similar philosophy, saying that the two sides of the company as it stands face unique challenges. “Taking this decisive step will enable each business to maximize its potential. Both businesses will have substantial operational and financial scale to thrive,” Michael A. Brown, symantec president and CEO said.
According to Symantec, its security business generated revenue of $4.2 billion in 2014. Its information management business generated revenue of $2.5 billion. The company said that its board of directors unanimously voted for the plan, although in after-hours trading, Symantec's stock was down 2.3 percent.