Symantec snaps up antispam firm

Security company Symantec has acquired antispam specialist TurnTide for $28 million in cash, a sign of further consolidation among makers of e-mail filters. News of the acquisition, which has not been announced publicly, was posted to TurnTide's Web site on Monday. Symantec confirmed the acquisition and said it had been finalized Thursday. Conshohocken, Penn.-based TurnTide was spun off only six months ago from ePrivacy Group, a privacy protection consultancy. TurnTide, which has 20 employees, sells a router-based technology that filters out unwanted e-mail and viruses at the edge of corporate networks.

"We're looking to provide a broad security solution that will protect against different types of threats to corporate networks," Symantec spokeswoman Linda Smith Munyan said. TurnTide's technology will be part of a multitier antispam line-up that includes Brightmail and other products from Symantec, she added.

The TurnTide deal comes only two months after Symantec bought Brightmail for $370 million, pre-empting the San Francisco-based company's plans for an initial public offering. Brightmail, the largest maker of spam-fighting software, reported a net income of about $1.1 million on revenue of $26 million in 2003, compared with a net loss of $5.2 million on revenue of $12.1 million in 2002, according to a filing with the U.S. Securities and Exchange Commission.

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