Symantec buys MessageLabs

Symantec Corp. will acquire MessageLabs Ltd., a provider of online anti-spam software, for about $695 million, the Wall Street Journal reports. Symantec intends to use MessageLabs’ technology to develop other online security products, said Greg Hughes, Symantec’s chief strategy officer. The security companies are flush with cash. Symantec, of Cupertino, Calif., said it held $2 billion as of July 4, while McAfee Inc., of Santa Clara, Calif., reported cash holdings of $1.3 billion as of June 30. Businesses... [read full story]