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Symantec Buys SwapDrive for $123 Million

Posted on June 11, 2008

Online storage is back. Last September, EMC Corp. (EMC) bought online storage startup Mozy for $76 million. Last week, Symantec (SYMC) signed a deal brewing since February to buy SwapDrive. A source close to the company says that Symantec paid $123 million. According to my source, SwapDrive made $13 million in profits last year, on revenues of $22 million. That s up from $5 million in revenues the year before, and the company is projecting $40 million in revenues this year. Those numbers put the acquisition at roughly 10X profits and 5.6X revenues (most likely those are operating profits,...

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online , startup