California-based global leader in security solutions, Symantec Corp. (SYMC) announced that its Protection Suite (Enterprise Edition) and Backup Exec are being used by Premiere Global Sports Inc. The deal must have been signed some time back and hence no financial details pertaining to it are available.
Premiere Global Sports is a provider of travel, hospitality, and marketing products and services. The company also arranges for sports tickets. Being a 75-man show, Premiere Global is recognized as a small business. But sky-rocketing data storage forced the company to opt for Symantec’s Protection Suite, which is customized for enterprises but has a small-business version as well.
With the Protection Suite, the sports company aims to secure its multiple independent servers and Windows endpoints, including email server and Web gateway virtual appliances. On the other hand, Backup Exec simplified both backup and disaster recovery management of the virtualized information technology system. Overall, Premiere Global Sports found Symantec’s products very useful, as they were able to protect, store and recover valuable data within its virtualized environment.
Apart from this, Japan-based optical instruments provider Nikon Corp. opted for Symantec’s Clearwell eDiscovery Platform to process, search and analyze data required to judge a case, in house.
Symantec’s deal wins will continue. The reason behind this is the company’s relentless effort to capture the security market with the latest iterations of its flagship products. In March, the company introduced the latest version of Symantec Data Insight 3.0, which will improve information management and facilitate the usage of unstructured data such as documents, presentations, spreadsheets and emails.
Symantec’s prospects look bright with the U.S. research firm Gartner’s expectations, which says that worldwide spending on security software could rise 10% this year to $20.7 billion.
The company’s exposure in the mobile security and data management market is encouraging. But uncertainty over PC sales is going to hit its Consumer segment throughout the year. Moreover, reduction in tech spending by different government and private organizations, stiff competition from McAfee — acquired by Intel Corp. (INTC) — as well as the prevailing economic turmoil in Europe will likely dampen the company’s business prospects. Symantec’s guidance was weak, and we believe that this could be due to the above-mentioned reasons.
Currently, Symantec has a Zacks #3 Rank, implying a short-term Hold rating.
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