McAfee, Inc. Completes Acquisition of Secure Computing
19 November 2008 - 7:00AM
Business Wire
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.
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