Big channel player FireEye is selling off its security products business, including the FireEye name.
The FireEye Products business is being sold to an investment consortium led by Symphony Technology Group (STG) in a $1.2bn all-cash transaction. STG acquired RSA last year and this March announced the purchase of the enterprise sales unit of McAfee for $4bn.
The latest deal is expected to close by the end of the fourth quarter of 2021, and will separate FireEye’s network, email, endpoint and cloud security products, along with the related security management and orchestration platform, from the firm's higher-growth Mandiant Solutions software and services unit.
Mandiant Solutions offers cyber security services to enterprises, governments and law enforcement agencies worldwide.
The FireEye Products business and Mandiant Solutions will continue to operate as a single entity until the transaction closes, allowing management and STG to “develop a successful transition”, the pair said.
The partners said they are committed to “building and preserving a strong partnership” and at transaction closing will enter into agreements designed to “maximise the benefits for joint customers”.
These agreements will include a reseller and market cooperation agreement, a strategic collaboration agreement and a transition services agreement. “Customers and partners can expect to receive the full benefit of these agreements as the companies share technology, telemetry, threat intelligence and expertise,” the two companies said.
“We believe this separation will unlock our high-growth Mandiant Solutions business and allow both organisations to better serve customers,” said FireEye chief executive officer Kevin Mandia.
“After closing, we will be able to concentrate exclusively on scaling our intelligence and front-line expertise through the Mandiant Advantage platform, while the FireEye Products business will be able to prioritise investment on its cloud-first security product portfolio.”
William Chisholm, managing partner at STG, said: “We believe that there is enormous untapped opportunity for the business we are acquiring, through leveraging our significant security software sector experience and our carve-out expertise.”
This February, Luca Brandi was appointed as FireEye’s EMEA channel director, after previously being channel and territory manager for Southern Europe.
