McAfee - the world’s second largest security vendor behind Symantec - said the purchase would hand it a leading position in the network security space with combined network security revenues of $500m.
Secure has struggled to fulfil its ambitions growth expectations and said its purchase by McAfee would allow it to reap the benefits of a sales team three times its size.
Secure's share price has plummeted in recent months although McAfee’s $5.75 a
share offer represents a 27 per cent premium on its closing price of $4.52 on
Following the deal’s expected closure in the latter part of Q4, McAfee anticipates that Secure’s technologies will be incorporated under its Network Security business unit – to be headed by Secure’s chief executive Dan Ryan.
Ryan said: "I believe the combination of the two companies will allow us to reap the benefits of a worldwide dedicated sales team three times our size, best-in-class security research, greater partner distribution and enhanced cross-selling opportunities.
“Combined, we believe we will become a leader in the network security space. "
Dave DeWalt, chief executive officer and president of McAfee, said: “We expect the pending combination of McAfee and Secure Computing will create an annual projected combined revenue of just under $500 million in the network security segment of our SRM [security risk management] portfolio.
“We believe that this pending acquisition will allow us to immediately establish a leading and highly competitive position in the network security space."
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