Security technology firm McAfee (www.mcafee.com) announced on Wednesday it has completed the acquisition of Secure Computing (www.securecomputing.com) for $5.75 per common share in cash, for a total value of $418 million.
The deal was first revealed in September, when McAfee announced it had entered a definitive merger agreement to acquire network security firm Secure Computing.
This marks the second acquisition for McAfee in four months, having acquired data loss prevention company Reconnex for $46 million cash in August.
Secure Computing's outstanding shares of preferred stock were redeemed for about $85 million in cash, which amounts to a total net of cash of approximately $462 million.
As previously announced, Dan Ryan, president and CEO of Secure Computing, will lead McAfee's Network Security product business unit and will report directly to Dave DeWalt, CEO and president.
"McAfee's goal is to provide intelligent security that protects from every angle, including the endpoint, the network and all points in between," says DeWalt. "McAfee's leadership position in end-point security and network intrusion prevention, coupled with Secure Computing's leadership position in web and email security, make McAfee uniquely positioned to address its customer's toughest security challenges. Our users will be able to consolidate their defenses with some of the most robust technologies on the market today."
To simplify security operations, McAfee plans to enhance its network and endpoint solution offerings to deliver powerful security management through McAfee ePolicy Orchestrator.
McAfee also plans to use Secure Computing's Trusted Source technology to expand "in-the-cloud" security services for an additional layer of defense.
Secure Computing has more than 22,000 customers in 106 countries that will be able to use McAfee's complete security solution.
McAfee says it anticipates bookings for Secure Computing to be $30 to $40 million following the acquisition for the period ending December 31, 2008.
Last month, McAfee hired 20-year industry veteran Brian Foster as its senior vice president of worldwide product management to oversee the company's global product management functions.
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