The once most-trusted security provider, McAfee -which was rechristened as Intel Security after it got acquired by Intel in 2010 said that it will now operate as a standalone business again.
In September, 2016 Intel and the seasoned technology investor, TPG entered into an agreement to create a jointly owned, independent pure-play cybersecurity company. McAfee is now officially an independent company, after closing of the transaction which valued the business at approximately $4.2 billion. TPG will own 51pc and Intel will own 49pc in McAfee. Additionally, a leading private equity investment firm Thoma Bravo has joined, as a minority investor in the company, through an agreement with TPG.
With the help of its new investment partners, McAfee will apply greater market focus, build its platform and target new financial, operational and technology investments to better address the cybersecurity market’s significant global growth opportunity.
Intel Senior Vice President and General Manager Chris Young will lead the new McAfee as Chief Executive Officer. TPG Partner Bryan Taylor has been named Chairman of the Board.
Intel CEO Brian Krzanich said, “We offer Chris Young and the McAfee team our full support as they establish themselves as one of the largest pure-play cybersecurity companies in the industry.”
"Today, a new McAfee is born. One that promises customers cybersecurity outcomes, not fragmented products. One that vows to move this industry forward by working with competitors, not just partners," said Christopher Young, CEO of McAfee. "We realize that even one of the largest cybersecurity companies can’t go it alone," added he.
The new McAfee will expand upon its leading security solutions platform to better enable customers to effectively identify and orchestrate responses to cyber-threats.
As McAfee becomes a standalone cybersecurity company, Intel, however, will continue with its integrated, hardware-enabled security approach. "At Intel, hardware and software will continue to work seamlessly together to solve growing cybersecurity challenges," said Doug Fisher, senior vice president and general manager of the Software and Services Group (SSG) at Intel Corporation.