Acquisition of Symantec’s enterprise security solutions increases industry relevant revenue.
In late 2019, after Broadcom Inc’s acquisition of Symantec’s enterprise security solutions, industry relevant revenue for the company grew 746.6% to $3.5 billion. Since the majority of the services acquired from Symantec were industry relevant, the company now has a market share of 13.6% in the Security Software Publishing industry in the United States. This acquisition costed the company $10.7 billion but it is estimated that the acquisition resulted in $1.0 billion in run-rate cost synergies in the 12 months after the deal has closed, partly by eliminating redundancies.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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