Bangalore: Chinese technology giants, Huawei technologies announced on Monday that they are set to buy out the rest of a joint venture with Symantec for US $530 million.

For many years Huawei had been trying to make a name out of the storage and server products, although they are well known as the supplier of networking equipment to many of the world's telecommunication carriers. And now with this buy out, Huawei has clearly raised the bar in internet and mobile services across all businesses.

Enrique Salem, Symantec's CEO, said "If we were going to continue to grow that business and be more competitive in the global market, it would have required us to continue to increase our investments and Huawei to increase their investments, instead, it was in Symantec's best interest to invest in other areas of its business, such as mobile and cloud computing.”

With this buy out, Symantec is set to receive endowments from Huawei- seven years straight. This Hong Kong based venture was formed in 2008 initially set to combine the storage and security applications from Symantec with telecommunications gears from Huawei. Right now Symantec holds around 49 percent of the firm’s shares while Huawei holds 51 percent.

"Our business is changing, and our customers’ needs are changing. We need to enter these markets," said Jeff Jiang, director for Huawei's storage marketing. "Huawei has done well working with its customers in China and other developing countries, I think they can have a lot of influence."