Thursday, May 19, 2011

Symantec Buys Clearwell Systems for $390M

Mountain View-based Symantec said Thursday that it is in a definitive agreement to acquire Clearwell Systems, a developer of electronic discovery software. Symantec said it will pay approximately $390M for Clearwell, net of approximately $20M in cash at Clearwell. Clearwell was based in Santa Clara, and was venture backed by DAG Ventures, Redpoint Ventures, and Sequoia Capital. Clearwill will become part of Symantec's Information Mangement Group. Clearwell had raised $33M in funding.