McAfee has announced that it will sell its enterprise business for $4 billion to a consortium led by private equity firm Symphony Technology Group. It should complement RSA, another enterprise-focused security company purchased by the private equity firm for $2 billion last February. According to McAfee President and CEO Peter Leav, the company has decided to focus its resources on the consumer side of the business. “This transaction will allow McAfee to focus solely on our consumer business and accelerate our strategy to be a leader in consumer personal security,” he said in a statement. Mcafee Technology Group 4bsawersventurebeat.
Leav was named head of McAfee in January 2020 after the vendor pushed out former CEO Chris Young. A longtime technology industry veteran, Leav had a track record of taking over companies like BMC Software and Polycom prior to their sales. There was speculation among industry analysts that Leav’s appointment signaled that McAfee could be acquired by a rival vendor or private equity firm. Mcafee Technology 4bsawersventurebeat.
The sale of McAfee’s enterprise business to STG represents yet another turbulent chapter in the company’s history. Because of its consumer and enterprise antivirus products, the company, which was founded in 1987, grew to become one of the largest and most well-known security vendors in the industry. In 2010, Intel paid $7.7 billion for McAfee and renamed the company Intel Security Group.
By combining McAfee’s technology with its hardware products, Intel hoped to make cybersecurity a core part of its business. However, Intel spun off the business in 2016, renaming it McAfee and valuing it at approximately $4.2 billion. In the transaction, Intel received $3.1 billion, while private equity firm TPG Capital acquired a 51% stake in the company; Intel and private equity firm Thoma Bravo held the remaining 49%. Mcafee Symphony 4bsawersventurebeat.
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Since then, McAfee has expanded beyond its core antivirus business and made significant investments in cloud security, including the 2017 acquisition of cloud access security broker Skyhigh Networks and the addition of the Mvision product suite. McAfee will become a leader in “personal security for consumers,” according to Leav, echoing a similar move by Symantec, which sold its enterprise business to Broadcom in 2019 for $10.7 billion and refocused on its consumer security business. According to Eric Parizo, senior analyst at Omdia (formerly Ovum), the deal with STG is not surprising given that McAfee’s stakeholders, including TPG, Thoma Bravo, and Intel, had been eyeing a full or partial sale of the company for some time. Mcafee Symphony Group 4bsawersventurebeat.
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