The business combination was finalised after STG closed its previously announced $1.2bn sponsored acquisition of FireEye Products business
Private equity firm Symphony Technology Group (STG) has completed the merger of cybersecurity solutions providers McAfee Enterprise and FireEye.
The merger was finalised after STG closed its previously announced $1.2bn sponsored acquisition of the latter.
In June 2021, a consortium led by the private equity firm had agreed to acquire the FireEye Products business of US-based cybersecurity company FireEye in an all-cash deal. The sale also involved the FireEye name.
Through the deal, the consortium had acquired FireEye’s Helix Security Platform, Cloudvisory Security Solution, email security, endpoint security, detection on demand, and network security and forensics.
In July 2021, the STG-led consortium acquired McAfee’s Enterprise business. As per an all-cash deal signed in March 2021, McAfee had agreed to sell the business to the private equity firm-led group for $4bn.
STG is expected to rebrand the acquired McAfee’s Enterprise business shortly.
McAfee Enterprise and FireEye will now start their combined journey to provide cybersecurity solutions to protect their customers around the world.
The combination of the two firms is said to create a cybersecurity major having over 40,000 customers, a workforce of nearly 5,000, and close to $2bn in revenue.
Bryan Palma, who was the executive vice president of FireEye Products, has been appointed as CEO of the combined company.
Palma said: “The highly-skilled McAfee Enterprise and FireEye teams join forces to help our customers combat attackers, while developing an integrated security platform powered by artificial intelligence and automation.
“We will be industry pacesetters – bringing innovation and expertise to shape the future of cybersecurity.”
The combination of McAfee Enterprise and FireEye will provide an integrated security platform designed to shield customers across endpoints, applications, infrastructure, and in the cloud.
The new company is expected to build upon the two firms’ strong customer relationships while providing new benefits at scale for resellers and channel partners.
STG co-founder and managing partner William Chisholm said: “Aligning McAfee Enterprise’s device-to-cloud cybersecurity solutions with FireEye’s robust portfolio of products presents an extraordinary opportunity for helping keep customers everywhere safe and secure.”