Security software maker
plans to acquire privately held data loss-prevention company
for $350 million in cash and assumed options.
The acquisition, expected to close in the fourth quarter, expands Symantec's portfolio into one of information technology's strongest growth segments.
Symantec's acquisition comes months after similar purchases by rivals
Last year, McAfee bought startup
, while Websense acquired
Port Authority Technologies
for $90 million.
Recently, RSA, a division of
, acquired data loss prevention specialist
for an undisclosed amount.
Research firm IDC estimates the information protection and control market will grow at 33% compounded annual growth rate to reach $3.2 billion by 2011.
Shares of Symantec closed Monday off 15 cents to $18.36.