Symantec gets new CEO as it completes Blue Coat acquisition

Security vendor's new CEO to start integrating the two businesses immediately

Security vendor Symantec has closed its acquisition of web security vendor Blue Coat for $4.65bn (£3.52bn), at the same time appointing Blue Coat CEO Greg Clark to the same role at the enlarged company.

Symantec was left with without a CEO in April after its then-CEO Michael Brown resigned. The vendor quickly created a temporary office of the president, charged with finding a permanent replacement.

The vendor then bought Blue Coat in June 2016, announcing at the time that Clark would become CEO of Symantec once the acquisition was finalised.

Clark said in a blog post that he will push ahead with the integration of the companies immediately.

"Today marks the beginning of a new era in cybersecurity with the completion of Symantec's acquisition of Blue Coat. We stand proudly under the Symantec banner with a shared passion to keep the world's information and our customers safe," he said.

"As we shift into execution mode of our integration strategy, we are focused on capturing the strengths of both companies to ensure a seamless and efficient transition. While the opportunity ahead for us is vast, to seize it, we must apply rigor, move faster and continue to transform. A big part of my job is to accelerate our ability to bring innovative products to our customers more quickly."

Blue Coat's GAAP revenue for its fiscal year ending 30 April 2016 was $598m, up 17 per cent year on year. The combined companies have GAAP revenue of $4.2bn for the fiscal year 2016.