Symantec Corp. (Nasdaq: SYMC) and Huawei Technologies Co., Ltd. (Huawei) today announced that the two companies are forming a joint venture company. The new company will develop and distribute world-leading security and storage appliances to global telecommunications carriers and enterprises.
Businesses around the world are building and maintaining IP networks and IT systems that support a growing number of connections. This requires balancing increasing performance and availability requirements with system security and data integrity. The joint venture will help carriers and enterprises effectively address these challenges by offering security and storage appliances that are easy to implement and maximize value to customers. According to IDC, the global security and storage appliance market is $23 billion today, and the market in China is forecast to exceed $1.1 billion.