Symantec said to be mulling storage & security business split

Report suggests Symantec may be considering splitting itself into two companies

Symantec could be set to follow HP's lead by announcing a split of its business into separate companies covering security and storage.

According to a Bloomberg report, the company is in advanced talks about splitting in two, although a formal announcement about it is said to be a few weeks away.

Speaking to the publication under condition of anonymity, sources say the move could make either of the separate entities attractive acquisition targets to the likes of EMC and HP.

At the time of writing, Symantec had declined to comment on the report.

Despite its roots as an anti-virus software vendor, Symantec has been making a name for itself in the storage, backup and disaster recovery space for some time.

In recent years, sales of the company's security wares have been negatively affected by the industry-wide downturn in PC sales, while its storage business has shown signs of growth particularly in the case of its backup products.

According to its most recent set of financial results, released in August, sales of the firm's backup appliances were up 35 per cent on the previous year.

Meanwhile, improvements in the storage capacities of these devices have paved the way for the company to widen its reach into the enterprise and mid-market sectors.

Earlier this year, the firm fired its CEO Steve Bennett on the back of a slowdown in sales, before making Michael Brown his successor.

If Symantec does decide to split in two, it will become the latest in a recent run of tech giants to do so.

Earlier this week, HP announced plans to split the company into two separate ones, covering PC & printing, and enterprise services.

Meanwhile, eBay also recently confirmed plans to split from online payment provider PayPal as part of a move to boost revenue.

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