McAfee and FireEye finalized their merger on Friday, closing a $1.2 billion all-cash transaction that merges the two giants. FireEye announced it was selling its FireEye Products business to a Symphony Technology Group-led consortium in July.
The move separated the company’s network, email, endpoint, and cloud security products from Mandiant’s software and services.
In March, McAfee sold its enterprise security division to STG in a deal valued at $4 billion, which paved the way for this merger. The two companies now have a combined customer base of 40,000 users, about 5000 employees, and about $2 billion in revenue.
The combined company
STG managing partner, William Chisholm said that streamlining McAfee Enterprise’s device-to-cloud cybersecurity solutions with FireEye’s portfolio avails an opportunity to continue providing customers everywhere with safety and security.
The new CEO of the combined companies, Bryan Palma, said the McAfee Enterprise and FireEye teams will be able to develop an integrated security platform driven by automation and artificial intelligence.
“There’s just no way that people can keep up,” Palma said, mentioning state-sponsored attacks that have strong capabilities, as well as the increased adoption of these sophisticated attacks by criminal groups and hackers.
Palma joined FireEye in February 2021, right when there was a lot of tension regarding the SolarWinds attack that is still being unravelled by the US government.
He added that the two companies do not have overlap, which will allow each side to bring their best to the table. He added that each company to provide more robust endpoint services, security operations, and cloud protection.
Looking to the future, Palma said the new company’s sights are set on XDR and statistical models to lead the market in addressing the increasingly sophisticated adversaries the world faces.