Veritas offers a range of software and systems to help businesses organize, manage and store their information. It had revenues of USD 2.4 billion in 2014 and serves 75 percent of the Fortune 500 countries. Symantec announced last October the decision to spin off the information management business under the name Veritas and consider strategic options for the activities, so it could focus on its core security software business.

With the sale to Carlyle, Symantec said it expects to receive a net USD 6.3 billion in cash proceeds, which it will use for capital returns to shareholders as well as investing in its security business. The company already announced a USD 1.5 billion increase in its share buyback programme to a total USD 2.6 billion and said it will maintain its quarterly dividend of 15 cents a share. The sale of Veritas is expected to close by year-end.

With the sale to Carlyle, Symantec expects to receive a net USD 6.3 billion in cash proceeds, which it will use for capital returns to shareholders as well as investing in its security business.

The Carlyle Group announced separately that Bill Coleman and Bill Krause will become CEO and Chairman, respectively, of Veritas upon closing of the transaction. Coleman is a member of Symantec's board and was the founder of BEA Systems and a Sun Microsystems executive. Krause is the former CEO of 3Com and works at Carlyle as an operating executive at its Technology division.

Telecom.com