Symantec Corp., the maker of computer anti-virus products, agreed Monday to buy Altiris Inc. for about $1.03 billion to gain programs that track corporate software use.
Altiris products help clients track, install and maintain their software on desktops, laptops, servers and hand-held devices. Symantec Chief Executive John Thompson is expanding the company's product line after reporting slowing sales of storage software sold to large customers last quarter.
"It's a far less-mature market and thus offers much more potential for growth," Morgan Keegan analyst Brian Freed said. "They're making their offering broader."
Altiris shareholders will receive $33 a share in cash, Cupertino, Calif.-based Symantec said. That's 22% more than Altiris' closing price of $27.14 on Friday. The purchase price includes about $200 million Altiris has on hand in cash and short-term investments.