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    HomeTechMcafee Group 4bsawersventurebeat Sells Enterprise Cybersecurity Business

    Mcafee Group 4bsawersventurebeat Sells Enterprise Cybersecurity Business

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    McAfee has announced that it will sell the company’s corporate cybersecurity division to Palo Alago-based privately-owned firm Symphony Technology Group in an all-cash deal valued at $4 billion.

    The deal comes only 5 months since McAfee was listed in the Nasdaq, following a 10 year hiatus, even though its shares remain largely afloat around the IPO value of 20 dollars. In this latest development, McAfee will position its business as a cybersecurity firm for consumers that is perhaps already well-known by its security software and VPNs.

    Despite its enviable reputation within the world of consumers, McAfee has always targeted companies, and it declares its enterprise division is an “trusted company” for 86 percent of Fortune 100 companies, generating $1.3 billion in net revenues for the whole 2020 fiscal year.

    McAfee continues to invest heavily in enterprise security since Intel made it a separate company as an independent company in the year 2017. In the spring of 2017, McAfee launched an extended detection and reaction (XDR) tool for enterprises cloud, endpoint and network security, and in the year before, it also launched the first Cloud-based information and security management (SIEM) product to aid security operations teams deal with security threats.

    Symphony Technology Group is no novice to purchasing security brands. It spent nearly $2.5 billion in order to purchase RSA at the expense of Dell in the past and this latest acquisition is in line with the company’s recent investment strategy.

    The transaction is expected to be completed at the end of 2021 and the company will likely to change its name “in the next few years,” according to a press announcement.

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