Why Symantec Is Partnering With Oracle

Print Email

Shares of Symantec Corp. (NASDAQ: SYMC) saw a handy gain to start out the week, after it was announced that the firm’s major cloud security components would now be available on the Oracle Cloud Marketplace.

The Oracle Corp. (NYSE: ORCL) Cloud Marketplace is described as a one-stop shop for Oracle customers seeking trusted business applications and service providers offering unique business solutions. In a sense, Symantec is broadening its horizons by offering its services on this platform available to Oracle’s massive customer base.

Oracle’s platform is considered the industry’s broadest and most complete public cloud, delivering enterprise-grade services at every level of the cloud technology stack, including software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS) and data as a service (DaaS).

The Cloud Marketplace offers an intuitive user interface to browse and search for available applications and services. It also offers user ratings and reviews to help customers determine the best business solutions for their organizations.

Simon Moran, Symantec vice president of cloud security, commented:

As more businesses move to the cloud, security of highly sensitive data and systems has become paramount. With this announcement, customers can now add Symantec’s leading security products to their Oracle Cloud deployment. Symantec’s participation in the Oracle Cloud Marketplace further extends our commitment to the Oracle community and enables customers to easily reap the security and operational benefits of Symantec’s Integrated Cyber Defense Platform. We look forward to leveraging the power of the Oracle Cloud to secure the cloud generation.

Excluding Monday’s move, Symantec has performed more or less in line with the broad markets, with the stock up about 17% year to date. However in just the past quarter the stock is down nearly 15%.

Shares of Symantec were last seen up about 3% at $28.88, with a consensus analyst price target of $32.40 and a 52-week trading range of $23.77 to $34.20.

Oracle traded up 1.4% to $50.31 a share. The 52-week range is $38.30 to $53.14.