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Symantec Press release

FOR IMMEDIATE RELEASE CONTACT:

Cris Paden		Sherri Walkenhorst
Symantec Corporation		Connect Public Relations
408/517-8547		801/373-7888
cpaden@symantec.com		sherriw@connectpr.com

 

SYMANTEC TO LICENSE WEB ACCESS MANAGEMENT SOLUTIONS TO PASSGO

 Employee Buyout Re-Establishes PassGo As Autonomous Company

CUPERTINO, Calif. - Sept. 5, 2001 - Symantec Corp. (NASDAQ:SYMC), a world leader in Internet security technology, today announced that it has signed a definitive agreement for PassGo Technologies, Ltd. to license on an exclusive basis Symantec's Web access control solutions and services. Under the terms of the employee buyout agreement, PassGo will acquire an exclusive license for Symantec's Defender, Webthority, PassGo, Privilege Manager for Unix (UPM) and Resource Manager for Unix (URM) with an option to purchase the products at the end of the license term for an aggregate purchase price, including quarterly royalties, estimated to total $19 million.

" Transferring our Web access control solutions and services to PassGo will allow Symantec to focus its efforts on the products and activities that best leverage the company's core competency in Internet security," said John W. Thompson, Symantec chairman, president and CEO. "PassGo is well-equipped both in terms of technology and personnel to continue providing excellent service to our existing customer base for Web access control solutions and services which cover a multitude of environments such as Windows 2000, Unix and IBM's mainframe platform S/390."

Under the agreement, Symantec will work with the new management of PassGo during a 60-day transition period to help ensure PassGo's success and a smooth transition for the existing customers who use the Web access management solutions. Symantec will provide finance, information technology, manufacturing and sales support during the transition period, which began on Aug. 27, 2001 and will end Oct. 27, 2001. In addition, Symantec and PassGo will work with the existing customers and partners to establish a migration plan. Beginning Oct. 28, 2001, PassGo will be an autonomous company and will take sole responsibility for the development, product management, marketing and support for all Web access management solutions and customers. Following the transition period, Symantec will forward all Web access management sales opportunities to PassGo.

Former Symantec vice president of engineering John Rainford will serve as CEO of PassGo. Rainford was responsible for worldwide support and engineering at the original PassGo before it was acquired by AXENT in March 1999. Since Symantec's acquisition of AXENT in Dec. 2000, Rainford and his team have been responsible for the development and support of Symantec's Web access management product line. The original management team of John Rainford, Philip Cook, Ed Blunt, John Baker and Sandra McEwen that led PassGo before the acquisition by AXENT will lead the company in its new form. Overall, PassGo's leadership has more than 18 years' experience with developing, implementing and supporting access control solutions.

"Our top priority throughout the transfer process will be, as always, to ensure that our customers are well taken care of and will continue to receive the same quality service they received from Symantec," said John Rainford, CEO of PassGo. "We have a strong team that has extensive experience in the Web access management space and are in a strong position to continue delivering innovative, industry-leading products and services to customers throughout the world."

As part of the agreement, PassGo's headquarters will be established by acquiring Symantec's facilities in Horton, England, which have housed Symantec's Web access control solutions development, technical support and services. Further information about PassGo can be accessed through the company's Web site, www.passgo.com.

About Symantec

Symantec, a world leader in Internet security technology, provides a broad range of content and network security software and appliance solutions to individuals, enterprises and service providers. The company is a leading provider of virus protection, firewall and virtual private network, vulnerability management, intrusion detection, Internet content and e-mail filtering, remote management technologies and security services to enterprises and service providers around the world. Symantec's Norton brand of consumer security products is a leader in worldwide retail sales and industry awards. Headquartered in Cupertino, Calif., Symantec has worldwide operations in 37 countries. For more information, please visit www.symantec.com.

NOTE TO EDITORS:

If you would like additional information on Symantec Corporation and its products, please view the Symantec Press Center at http://www.symantec.com/PressCenter/ on Symantec's Web site. All prices noted are in US dollars and are valid only in the United States.

Symantec, the Symantec logo, AXENT, AXENT Technologies, and the AXENT logo are trademarks or registered trademarks, in the United States and certain other countries, of Symantec Corporation or its subsidiaries. Additional company and product names may be trademarks or registered trademarks of the individual companies and are respectfully acknowledged.

FORWARD LOOKING STATEMENT:

This press release contains forward-looking statements, including statements regarding anticipated events surrounding the announced divestment, that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the risks that current global adverse economic conditions and reduced spending will continue or worsen; currency exchange fluctuations will adversely affect our results; the continuing integration of the Symantec and AXENT will not be successful; the difficulty of developing and marketing products that compete effectively with others; the transition and divestiture will not be successful; and other economic, business, competitive and/or regulatory factors affecting Symantec's business generally. Actual results may differ materially from those contained in the forward-looking statements in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors sections of the Company's previously filed Form 10-K for the year ended March 30, 2001 and the Form 10-Q for the quarter ended June 30, 2001.

 

PassGo Press release

FOR IMMEDIATE RELEASE CONTACT:

Sandra McEwen		Cris Paden
PassGo Technologies Ltd.		Symantec Corporation
44 1460 25 8304		408/517-8547
smcewen@passgo.com		cpaden@symantec.com

 

PASSGO TO RE-ESTABLISH OPERATIONS AS AUTONOMOUS COMPANY

Original Management Team To Purchase Symantec Products

HORTON, Somerset, U.K. - Sept. 05, 2001 - PassGo Technologies Ltd. today announced it has re-established itself as an independent company that will focus on developing and marketing Web access control solutions. In its first move towards that goal, PassGo has secured funding and signed a definitive agreement to acquire Symantec's Web access control products. Under the terms of the management buyout agreement, PassGo has an exclusive license for Symantec's Defender, Webthority, PassGo, Privilege Manager for Unix (UPM) and Resource Manager for Unix (URM).

As an autonomous company, PassGo can focus specifically on products and services in the Web access control industry, quickly adapt to new trends, and deliver the latest, most innovative tools to PassGo customers. According to the IDC, the fastest-growing segment of the Internet security software market is in the area of authentication, authorization and administration, including intrusion detection and vulnerability assessment. IDC predicts the market to grow from US$2.8 billion in 2000 to US$9.5 billion in 2005, representing a 28 percent compound annual growth rate (CAGR).

Bank of Scotland Structured Finance is providing the funding of this management buyout for PassGo.

John Rainford has been named CEO of PassGo. Rainford was responsible for worldwide support and engineering of the original PassGo before it was acquired by AXENT in March 1999. After the acquisition, Rainford served as Symantec's vice president of engineering for its Web access control product line.

" PassGo was the original company that developed the majority of these products and is a natural choice to assume ownership of these solutions," said John Rainford, CEO of PassGo. "Our immediate focus is to re-establish close relationships with the existing customer base and ensure there is no disruption in the service and support they receive. We have every intention of continuing to provide the products our customers have integrated into their infrastructure and in which they continue to invest."

A 60-day transition period began on Aug. 27 2001 to transfer the products to PassGo. When the transition period ends on Oct. 27, 2001, PassGo will provide full technical support to all former Symantec customers who use the Web access management solutions, in addition to taking full responsibility for the development, management and marketing of the products.

Rainford is joined by the original management team of Philip Cook, Ed Blunt, John Baker and Sandra McEwen to lead PassGo in its new form. Overall, PassGo's leadership team has more than 18 years' experience each with developing, implementing and supporting Web and non-Web security access control solutions and a proven track record of supporting more than 1 million active users on a 24 X 7 basis.

" PassGo has the critical mass of customers in the Web access control space, we have the knowledge and talent by retaining key people throughout our company and we know our customers and their specific needs," said Rainford. "Combined with the fact that we will provide 100 percent focus on these products and services, we have no doubt that PassGo will quickly re-establish itself as a leader in the Web access control space."

In addition to acquiring the Symantec products for its portfolio, PassGo will also offer its original line of products, including PassGo single sign-on (SSO), PassGo InSync, Multsess, NC-Access, NCI, NC-Pass and NC-Syncom.

PassGo's headquarters are located in Horton, England, which housed Symantec's Web access control solutions development, technical support and services.

About PassGo Technologies

Located in Horton, England, PassGo Technologies Ltd. has been developing comprehensive access and control solutions, including password synchronization, SSO, security and information access, for more than eighteen years. It has a strong reputation for providing effective software solutions for the mission-critical needs of its customers. For more information, please visit www.passgo.com.