McAfee Completes Acquisition of MX Logic
McAfee (NYSE:MFE) has completed the acquisition of privately owned MX Logic for approximately $140 million in cash, with an earn-out of up to an additional $30 million in cash if certain performance targets are met. “With this transaction, McAfee is uniquely positioned to offer the most comprehensive cloud-based security portfolio in the industry - one that combines leading global threat intelligence technologies from McAfee with its Security-as-a-Service solutions,” said Marc Olesen, SVP and GM, McAfee. “Customers will be able to leverage the cloud to simplify their security architecture and enjoy access to a broader set of delivery options, including appliances, software or in-the-cloud deployments.”
MX Logic is a leading global provider of cloud-based email and Web security, email archiving and email continuity services. MX Logic protects approximately 40,000 customers and four million end users that will now be able to rely upon McAfee as a single source for complete security. In addition, more than 1,800 MX Logic channel partners provide a strong security software-as-a-service partner ecosystem to cross sell McAfee technology-based solutions and develop co-branded and bundled offerings. As previously announced, the MX Logic team will report to the McAfee SaaS business unit, headed by Olesen.
McAfee expects the impact of the acquisition of MX Logic to be breakeven to slightly accretive in 2010 on non-GAAP earnings-per-share and more dilutive to GAAP earnings-per-share. For the remainder of 2009 we expect the impact of the acquisition to be $0.01 to $0.02 dilutive to non-GAAP earnings-per-share and more dilutive to GAAP earnings-per-share. Non-GAAP earnings-per-share will exclude the impact of amortization of acquired intangibles, stock-based compensation expense and other nonrecurring costs or charges. For additional information, please reference the acquisition landing page at http://www.mcafee.com/us/about/corporate/mcafee_mxlogic.html.
About McAfee
McAfee, headquartered in Santa Clara, California, is the world's largest dedicated security technology company. McAfee is committed to relentlessly tackling the world's toughest security challenges. The company delivers proactive and proven solutions and services that help secure systems and networks around the world, allowing users to safely connect to the Internet, browse and shop the web more securely. Backed by an award-winning research team, McAfee creates innovative products that empower home users, businesses, the public sector and service providers by enabling them to prove compliance with regulations, protect data, prevent disruptions, identify vulnerabilities, and continuously monitor and improve their security. http://www.mcafee.com.
MX Logic is a leading global provider of cloud-based email and Web security, email archiving and email continuity services. MX Logic protects approximately 40,000 customers and four million end users that will now be able to rely upon McAfee as a single source for complete security. In addition, more than 1,800 MX Logic channel partners provide a strong security software-as-a-service partner ecosystem to cross sell McAfee technology-based solutions and develop co-branded and bundled offerings. As previously announced, the MX Logic team will report to the McAfee SaaS business unit, headed by Olesen.
McAfee expects the impact of the acquisition of MX Logic to be breakeven to slightly accretive in 2010 on non-GAAP earnings-per-share and more dilutive to GAAP earnings-per-share. For the remainder of 2009 we expect the impact of the acquisition to be $0.01 to $0.02 dilutive to non-GAAP earnings-per-share and more dilutive to GAAP earnings-per-share. Non-GAAP earnings-per-share will exclude the impact of amortization of acquired intangibles, stock-based compensation expense and other nonrecurring costs or charges. For additional information, please reference the acquisition landing page at http://www.mcafee.com/us/about/corporate/mcafee_mxlogic.html.
About McAfee
McAfee, headquartered in Santa Clara, California, is the world's largest dedicated security technology company. McAfee is committed to relentlessly tackling the world's toughest security challenges. The company delivers proactive and proven solutions and services that help secure systems and networks around the world, allowing users to safely connect to the Internet, browse and shop the web more securely. Backed by an award-winning research team, McAfee creates innovative products that empower home users, businesses, the public sector and service providers by enabling them to prove compliance with regulations, protect data, prevent disruptions, identify vulnerabilities, and continuously monitor and improve their security. http://www.mcafee.com.