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According to Symantec the company is acquiring the online messaging and web security services, MessageLabs. The deal is said to be approximately of $695 million in cash along with $310 million pounds sterling and $154 million to be paid by Symantec. Symantec focuses on providing security, storage and systems management solutions in order to help businesses and consumers to secure their information and manage it.

The deal will probably strengthen Symantec’s position further in the software market. The company will converge its focus on cross selling and up selling of its current SaaS offerings that include backup, storage and online remote access into the MessageLabs customer base.

According to MessageLabs, during the fiscal year 2008 which ended on July 31, the company has generated a revenue of around $145 million. The current deal is expected to be concluded by the end of the current year i.e. 2008.