Acquisitions of PGP, GuardianEdge will make security giant an immediate player, experts say.

Symantec has placed a $370 million bet that encryption will play a key role in solving enterprises' future security problems.

In a single announcement, the security giant said it is acquiring PGP Corp. -- one of the industry's oldest and best-known enterprise email and data encryption tool vendors -- as well as GuardianEdge, which makes encryption tools for endpoint devices, such as laptops, smartphones, and portable storage devices.

Symantec will pay $300 million in cash for PGP and $70 million in cash for GuardianEdge.

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