Symantec looking to spend, spend, spend

Insecurity outfit Symantec’s chief executive has got his sticky paws on the company credit card and is hitting the high street, looking for a new outfit to slink about in this summer.

Enrique Salem is looking to find some acquisitions next week, according to Reuters.

Salem has not bought anything since he scooped up Verisign for its secure transaction set up, and really, everything in Symantec is looking so last season.

At the Reuters Global Technology Summit in New York he said he might not try and do something so daring this time.

He prefers something smaller and slinkier which he can tuck in around his bottom end.

Symantec might look for something in storage, or perhaps other security companies that provide mobility, cloud computing and virtualisation.

Who knows, perhaps something will just leap off the shelf for him next week and he will shout Bona!

He has $3 billion for deals this year. This is more than last year where he had a tighter budget of $2 billion for acquisitions and $40 to buy something nice to lay around the house in.

Investors don’t like it when Salem goes spending. They think the cash would be better saved for a rainy day.

But Salem said he expects to see a wave of consolidation in the technology industry over the next few years, as big software makers snap up smaller companies.

He wanted to be the snappiest one and not one of the snapped.

Besides, he said he is very happy with his portfolio, which is a bulky dossier for a man of his size.