Symantec CEO sees private company valuations falling

NEW YORK Mon May 18, 2009 11:30am EDT

Enrique Salem of Symantec Corp speaks during the Reuters Global Technology, Media and Telecom Summit at the Thomson Reuters headquarters in New York City May 19, 2008. REUTERS/Joshua Lott

Enrique Salem of Symantec Corp speaks during the Reuters Global Technology, Media and Telecom Summit at the Thomson Reuters headquarters in New York City May 19, 2008.

Credit: Reuters/Joshua Lott

NEW YORK (Reuters) - Symantec Corp (SYMC.O) Chief Executive Enrique Salem said he is in no hurry to make acquisitions as he expects valuations of private companies to decline in the next 12 months.

"Private company expectations on valuation are still too high," Salem told the Reuters Global Technology Summit in New York. "We can afford to be patient."

Salem, who took the helm of the No. 1 security software company in April, said Symantec was looking for deals in its own industry. He cited security, software as a service, storage, systems management and virtualization as key areas that Symantec is interested in bulking up in.

(Reporting by Jim Finkle and Alexei Oreskovic, editing by Tiffany Wu)