The deal is expected to close by the end of 2021, subject to regulatory approvals and closing terms.
McAfee in the past few years has strengthened its core cybersecurity software business focused on retail customers through price increases, new partner programs, and good retention rates.
McAfee’s enterprise-focused business has set the standards in the cybersecurity industry for more than 30 years, and has become a recognized leader in device-to-cloud cybersecurity solutions.
It is a trusted partner to 86 percent of the world’s largest companies, and generated $ 1.3 billion in net revenue in fiscal year 2020.
(Peter Leav) Peter Leav, President and CEO of McAfee, commented: “Symphony Technology Group is the right partner to continue to enhance our corporate business, and this result is testament to the industry-leading business solutions and, in particular, the outstanding contributions of our employees.”
“This transaction allows McAfee to uniquely focus on our consumer business and accelerate our strategy to be a leader in consumer personal security.
(William Chisholm) William Chisholm, Managing Partner at Symphony Technology Group, said: “McAfee is one of the most recognized brands in enterprise security and has a reputation for innovation, quality and leadership.
He added: We are committed to leading the company’s strategy to be a leader in cybersecurity by partnering with the current world-class McAfee team to continue to deliver exceptional performance for businesses and government clients globally.
McAfee continues to manage and operate the corporation’s business until the deal closes, while McAfee and Symphony Technology Group get involved in planning a successful transition for the company, its employees and clients.
McAfee maintains its name and continues to focus on providing pioneering solutions to protect consumers in the area of personal security, and the enterprise business is being renamed, which is expected to happen in the coming months.