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News

Secure Computing acquisition by McAfee

McAfee : 20 November, 2008  (Company News)
McAfee takes on Secure Computing in buy-out which will support the IT security giant's aim to provide comprehensive network security solutions
McAfee has completed the acquisition of Secure Computing Corporation 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 defences 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 utilise Secure Computing's Trusted Source technology to expand intelligent 'in-the-cloud' security services for an additional layer of defence.

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.
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