Symantec to triple China revenue in five years
December 23, 2010 Category Uncategorized
Symantec expects to triple its revenue in China within five years by expanding distribution channels, seeking opportunities in cloud computing and mobile internet, as well as possible acquisitions. But the company will not offer free consumer-oriented products in China where many companies, including Qihoo 360 and Kingsoft, have provided free services, it said during the Symantec Vision 2010 conference held in Beijing. Symantec plans to establish offices in six cities — Wuhan, Urumqi, Xian, Shenyang, Jinan and Fuzhou in addition to its current seven branches, all located in big cities. The major Chinese security software provider, Kingsoft, and a smaller player, Keniu, merged last month. The new company, operating under the name of Kingsoft Network, is offering permanent free use of its security product. Meanwhile, European security company Kaspersky also said in November that it will provide free security software in China for one year. The moves were seen as a means of fending off competition from Qihoo 360, a Chinese company that quickly rose from a start-up to one with more than 70% of China’s security market after it provided free security software. Symantec has more than 1,000 employees in China and said it will also hire more staff, without specifying numbers. It also plans to accelerate the international expansion of its joint venture with Huawei Technologies. “Greater China represents the single-largest opportunity for Symantec,” said Enrique Salem, the company’s President and Chief Executive.
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