Symantec revives Veritas amid storage spin-off

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Symantec has announced it will revive the Veritas brand as it spins off its storage business from its traditional cybersecurity division, in a direct reversal of a previous acquisition.

The security vendor bought Veritas for $10.2bn (£6.7bn) in 2005 and last October the company said it would split so both sides could follow distinct strategies.

Michael Brown, president and chief executive officer at Symantec, said: "Veritas remains a powerful brand that still has tremendous equity with our customers, partners and employees, and after careful review it was an easy choice as the name for our information management business.

"While the name recalls the company’s heritage, the new logo signals that Veritas is ready to solve the most critical information challenges facing our customers today and tomorrow."

Veritas Technologies Corporation will be traded as a public company when it becomes independent, and will receive a new logo as part of the spin-off.

Symantec’s storage business generated $2.5bn (£1.7bn) in revenue during the fiscal year ending in 2014, compared to the $4.2bn (£2.8bn) the cybersecurity business.

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