Symantec announced that it has joined the ranks of IT companies investing in online backup services.

<A HREF="http://www.eweek.com/c/a/Storage/Symantec-Acquires-Online-Backup-Service/?kc=EWKNLEDP061308B">The company acquired SwapDrive, a privately held online storage company,</A> for terms that were not officially announced. However, an industry and financial analyst who asked not to be identified told eWEEK that the price was approximately $123 million.