LiveOffice, a Torrance provider of cloud-based data archiving, has been acquired by computer security company Symantec Corp. for $115 million, the companies said Monday.
LiveOffice offers off-site storage and e-discovery services for e-mail and messaging, file sharing and other applications to help companies meet regulatory requirements. The company was founded in 1998 and has more than 20,000 client companies in 50 countries. Chief Executive Nick Mehta is a former Symantec executive.
Symantec, which is based in Mountain View, said the deal will enhance the services it provides to companies that need to comply with regulatory governance requirements.
Its customers now will have the choice of storing information on-premise, in Symantec's data centers or a combination of both.
“What were once disparate issues — information management, eDiscovery, and data security — are rapidly coming together due to the explosion of electronically stored information and the on-premise and cloud-based technologies that deliver and disseminate it,” said Brian Dye, vice president of Symantec’s Information Intelligence Group, in a statement. “Organizations are increasingly demanding that these issues be addressed in a unified way through information governance.”
LiveOffice provides unlimited storage to customers who pay a monthly subscription fee. Its application links to widely used online programs such as Microsoft Office 365, Google Apps and Dropbox. Symantec currently offers a cloud-based file back-up service to customers in which the yearly fee is based on the amount of storage needed.
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