Secure Computing (MM) (NASDAQ:SCUR)
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From Jun 2019 to Jun 2024
McAfee, Inc. (NYSE:MFE) today announced that it has completed the
acquisition of Secure Computing Corporation (NASDAQ:SCUR) for $5.75 per
common share in cash, representing an equity value for Secure
Computing’s common stock of approximately $418 million in the aggregate.
In addition, Secure Computing’s outstanding shares of preferred
stock were redeemed for an aggregate of approximately $85 million in
cash. In total, net of cash held by Secure Computing, the transaction is
valued at approximately $462 million.
As previously announced, Dan Ryan, president and chief executive officer
of Secure Computing, will lead McAfee’s Network Security product
business unit and will report directly to Dave DeWalt, chief executive
officer 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,” said 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. In addition, McAfee plans to
utilize Secure Computing’s TrustedSource technology to expand
intelligent “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 rely upon McAfee as a single source for complete
security.
McAfee® expects bookings for Secure Computing to be $30 - $40 million
post-acquisition for the period ending December 31, 2008. In addition,
McAfee expects the impact of the acquisition of Secure Computing on
fourth quarter 2008 results to be neutral to slightly dilutive to
non-GAAP earnings per share and more dilutive to fourth quarter 2008
GAAP earnings per share. Non-GAAP earnings per share will exclude the
impact of amortization of acquired intangibles, stock compensation
expense and other nonrecurring costs or charges.
For additional information, please reference http://www.mcafee.com/us/about/corporate/mcafee_secure_computing.html.
Forward-Looking Statements:
This press release contains forward-looking statements including those
regarding McAfee’s strategic positioning; guidance regarding McAfee’s
financial and operating performance in the fourth quarter of 2008;
expectations regarding the benefits of the acquisition of Secure
Computing including the expected synergies and cost savings and the
planned integration of Secure Computing’s products with McAfee’s
products; the expected level and scope of security threats in future
periods; expectations regarding McAfee’s security suites, expected new
and future product introductions and the revenue opportunity associated
with them; expectations regarding integrations of products from McAfee’s
recent acquisitions with its existing product lines; expectations
regarding McAfee’s business momentum, market position, and business
segments; and statements regarding McAfee’s future growth opportunities
and specific growth initiatives and strategies.
Forward looking statements are based on management’s current
expectations and are subject to risks and uncertainties including that
McAfee may not realize the synergies, cost savings, benefits from the
integration of Secure Computing’s products or other expected benefits
from the acquisition of Secure Computing as expected; McAfee may not
achieve its planned revenue realization rates, particularly in the
aftermath of the current credit crisis and related global economic
turmoil; McAfee may not succeed in its efforts to grow its business or
effectively combat the security threats of the future, build upon its
technology leadership or capture market share, or benefit from its
acquisitions, strategic relationships or partnerships or partnership
distribution network as anticipated; McAfee may not benefit from its
investments in systems personnel and infrastructure as anticipated;
McAfee’s customers may not respond as favorably as anticipated to its
product or technical support offerings; McAfee may not satisfactorily
anticipate or meet its customers’ needs or expectations; the industry
shift to security suites may not be adopted to the extent McAfee
anticipates; McAfee’s product and service offerings may not continue to
interoperate effectively with newly-developed operating systems; McAfee
may experience delays in product development or the release of
previously-announced products; McAfee may choose not to deliver a
previously-announced product; McAfee may experience delays or losses in
revenue resulting from outages in the integrated systems on which it is
highly dependent. In addition, a number of operational and other
factors, including new product introductions, the mix of products and
services sold, the size of deals closed in a quarter, the amount of
revenue deferred in a quarter, the integration of acquired businesses
and products, changes in senior management, the competition it faces in
the market, currency fluctuations, and the greater macroeconomic
environment including the current credit crisis and related global
economic turmoil, may cause McAfee’s revenue, gross margins and
operating results to fluctuate significantly from period to period.
About McAfee, Inc.
McAfee, Inc. is the leading dedicated security technology company.
Headquartered in Santa Clara, California, McAfee delivers proactive and
proven solutions and services that secure systems and networks around
the world. With its unmatched security expertise and commitment to
innovation, McAfee empowers home users, businesses, the public sector,
and service providers with the ability to block attacks, prevent
disruptions and continuously track and improve their security. http://www.mcafee.com.
NOTE: McAfee and any additional McAfee marks herein are registered
trademarks of McAfee, Inc. and/or its affiliates in the U.S. and/or
other countries. McAfee Red in connection with security is distinctive
of McAfee brand products. All other registered and unregistered
trademarks herein are the sole property of their respective owners. ©
2008 McAfee, Inc. All rights reserved.