Symantec (Nasdaq: SYMC) will be paying $390 million for Clearwell in a deal that is set to close in September.
Clearwell develops eDiscovery technology that’s designed to enable enterprises to locate data. Symantec sees the deal as being a natural extension of its existing backup and archiving portfolio.
The overall ediscovery market is an attractive one to Symantec. Gartner research has forecast revenues of $1.7 billion for the eDiscovery market by 2014. The eDiscovery market is also complementary to the archiving business which is currently a $2.7 billion market.
“This acquisition will bring together the industry’s leading eDiscovery, archiving and backup offerings to provide the most comprehensive information management solution available,” Enrique Salem, president and CEO of Symantec, said on a call with press and analysts discussing the deal.