One of the leading anti-virus software companies, McAfee has reportedly made it to the headlines following the sales of its enterprise business to Symphony Technology Group for an overwhelming deal of USD 4 billion.
Speculations have it that the transaction would enable McAfee to singularly focus on consumer business and accelerate its strategy to be a leader in personal security worldwide. Moreover, it is also likely to reduce the company’s outstanding debts by approximately USD 1 billion.
For the record, McAfee’s enterprise business currently stands to be a trusted partner for 86% of Fortune 100 firms worldwide and observed gains of USD 1.3 billion in net revenue in FY2020.
In addition to repaying the debt of USD 1 billion, McAfee is also currently expecting to make use of a portion of the profits received from the transaction to pay about USD 175 Mn in customary transaction expenditures and several other one-time charges.
Besides, the anti-virus software firm is also seeking to pay approximately about USD 300 million, generated from the transaction deal, for stranded cost optimization and one-time separation costs.
Commenting on the latest move, McAfee President and CEO, Peter Leav, stated that STG stands to be an ideal partner for the company to continue strengthening its Enterprise business, and this outcome is a testimony to the business’ industry-leading solutions and some of the crucial contributions made by its employees.
It was also mentioned that McAfee would continue to retain its name and lay full focus on delivering leading solutions to protect consumers and being a consistent leader in personal security for consumers in the upcoming years.
Meanwhile, Managing Partner at STG, William Chisholm quoted that the firm is fully committed to powering the business’ tactic to emerge as a leading device-to-cloud cybersecurity firm by establishing an alliance with McAfee’s existing world-class team. This step would enable STG to continue delivering superior performance to government clients and enterprises globally.