Symantec 2016 Annual Report Download - page 92

PART I
Item 1. Business
Overview
Symantec Corporation is a global leader in security. We operate our business on a global civilian cyber
intelligence threat network and track a vast number of threats across the Internet from hundreds of millions of
mobile devices, endpoints, and servers across the globe. We believe one of our competitive advantages is our
database of threat indicators which allows us to reduce the number of false positives and provide faster and better
protection for customers through our products. Through the delivery of new and enhanced solutions, we are
integrating our security offerings across our portfolio. We are also developing novel solutions in growing
markets like cloud, advanced threat protection, information protection and cyber security services. Founded in
1982, Symantec has operations in more than 35 countries and our principal executive offices are located at 350
Ellis Street, Mountain View, California, 94043. Our Internet home page is located at www.symantec.com.
Strategy
Our security strategy is to deliver a unified security analytics platform that provides big data analytics,
utilizes our vast telemetry, provides visibility into real-time global threats, and powers Symantec and third-party
security analytics applications; leverage this analytics platform to provide best-in-class consumer and enterprise
security products; and offer cyber security services that provide a full-suite of services from monitoring to
incident response to threat intelligence, all supported by over 500 cyber security experts and nine global security
response centers.
During fiscal 2016, we executed on our five priorities: running our business with a portfolio approach by
managing certain businesses for operating margin; prioritizing investments for growth; further reducing costs and
improving efficiencies; attracting top talent to our executive team; and continuing to return significant cash to
stockholders.
After closing the divestiture of our information management business (“Veritas”), as the world leader in
cybersecurity, we are more focused than ever on the following priorities: delivering upon our Unified Security
strategy, building our enterprise security pipeline and go-to-market capabilities, improving our cost structure, and
fulfilling our commitment to allocate capital to our stockholders.
Divestiture of Veritas
In August 2015, we entered into a definitive agreement to sell the assets of Veritas to The Carlyle Group
and certain co-investors (“Carlyle”). The transaction closed on January 29, 2016, at which time, we received net
consideration of $6.6 billion in cash, excluding transaction costs, and 40 million B common shares of Veritas and
Veritas assumed certain liabilities. We now have two reporting segments, Consumer Security and Enterprise
Security.
Business highlights
During fiscal 2016, we took the following actions in support of our business:
• We completed the divestiture of Veritas and refocused Symantec as a pure cybersecurity company.
• We launched our SecureOne channel partner program designed specifically to help security-focused
partners grow their businesses.
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