Symantec snaps up online storage firm

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Symantec has snapped up private online storage firm Swapdrive for an estimated $123 million.

Online storage is still big business and last week Symantec snapped up private online storage firm Swapdrive for an estimated $123 million.

Symantec, better known for its hysterical rantings about Internet security, and how important it is to install its antivirus and anti-spyware products, said the purchase would "strengthen the services offerings in the Norton consumer portfolio and to help consumers manage data across their devices.”

The buyout is, “a small, targeted acquisition” to be finalised by the end of this month, it said in a statement.

Swapdrive, and its sister site, backup.com, seem to be have been doing rather well for themselves financially, despite charging for services which other storage giants like the Vole, and AOL offer for free.

Symantec has followed rival EMC into the lucrative vault of Internet storage space. That firm shelled out $76 million for storage startup Mozy, back in September of 2007.

Symantec is hoping all that storage space will come in handy for filling its own coffers. µ

See Also Figuring out the future in storage
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