FireEye Sells Products To Symphony Technology Group For $ 1.2 Billion
The transaction will separate FireEye’s network, email, endpoint and cloud security products, along with the associated security management and orchestration platform, software and services independent of security controls. Mandiant, according to a statement.
This will allow the two organizations to accelerate their growth investments, pursue new avenues to market and focus innovation on their respective solutions, he added.
The FireEye Products business and Mandiant Solutions will continue to operate as a single entity until the closing of the transaction, enabling management and STG to develop a successful transition of the FireEye Products business to a stand-alone entity within the portfolio. STG, he said.
The transaction – for $ 1.2 billion (before taxes and transaction-related fees) – is expected to close by the end of the fourth quarter of 2021, subject to customary regulatory approvals and closing conditions.
FireEye said the company is committed to building and maintaining a strong partnership and that upon closing it will enter into agreements designed to maximize benefits for mutual customers.
These agreements include a cooperation agreement between resellers and markets, a strategic collaboration agreement and a transition services agreement.
Customers and partners can expect to take full advantage of these agreements as companies share technology, telemetry, threat intelligence and expertise, he added.
“We believe this separation will unlock our high growth Mandiant Solutions business and allow both organizations to better serve customers. After the close, we will be able to focus exclusively on scaling our front-line intelligence and expertise through the Mandiant Advantage platform, while the FireEye products The company will be able to prioritize investments on its cloud-centric security product portfolio, ”said Kevin Mandia, CEO of FireEye.
STG’s focus on feeding innovative software and cybersecurity market leaders makes it an ideal partner for FireEye products, he added.
“We look forward to our relationship and our collaboration in threat intelligence and expertise,” Mandia said.
STG Managing Partner William Chisholm said the company is impressed with the FireEye Products business and the vital role it plays for its customers.
“We believe there is a huge untapped opportunity for the company which we are excited to crystallize by leveraging our significant experience in the security software industry and our cutting edge carve-out expertise,” said he added.
Goldman Sachs & Co. LLC is acting as financial advisor and Wilson Sonsini Goodrich & Rosati PC is acting as legal advisor to FireEye.
UBS Investment Bank and Jefferies LLC are acting as financial advisers, and Paul Hastings LLP is acting as legal counsel to STG. UBS Investment Bank and Jefferies Finance LLC fund the transaction.
FireEye also announced that its board of directors has approved a share repurchase program for up to $ 500 million of outstanding FireEye common stock. PTI SR SHW SHW
Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI