Symantec Buying Altiris

Symantec (SYMC Quote - Cramer on SYMC - Stock Picks) agreed to acquire Altiris(ATRS Quote - Cramer on ATRS - Stock Picks) for $33 a share, or $830 million in cash.

Network security player Symantec said buying Lindon, Utah-based Altiris should bolster its offerings to businesses. Symantec said Altiris makes IT management software that enables businesses to easily manage and service network-based endpoints -- from mobile devices, laptops, and desktops to servers and storage assets.

The deal offers Altiris shareholders a 22% premium to Friday's closing prices. The deal comes just weeks after Symantec disappointed Wall Street with a soft quarterly earnings performance, suggesting the company is having trouble integrating a previous acquisition.

"The most secure endpoint is a well-managed endpoint. The best protection must be complemented by the ability to remediate and address vulnerabilities that could be exploited," said John W. Thompson, chairman and chief executive officer, Symantec. "By combining the endpoint management solutions from Altiris with the security expertise from Symantec, we believe we can offer customers a more comprehensive solution to protect and manage the millions of connected devices that make up the fabric of today's global IT infrastructure."