Computer security company McAfee plans to buy Secure Computing Corp for $465 million, adding specialized equipment that keeps hackers from breaking into computer networks.
The move, McAfee's biggest acquisition to date, helps the No. 2 computer security company expand the bundle of products it can sell to businesses. The deal also boosts the number of companies that use its products.
The company said
on Monday it will pay $5.75 per share of Secure Computing's common stock, representing a 27 percent premium to the San Jose, California, company's closing price of $4.52 on Friday.
McAfee Chief Executive Dave DeWalt said the purchase will help round out McAfee's line of products that help protect business networks. The company is best known for anti-virus software for PCs.
So far McAfee only has "a few thousand" network security customers. The Secure Computing purchase will add 22,000 more customers in that area, he said.
Secure Computing is a provider of network security with a product portfolio that spans businesses of all sizes. Through the pending acquisition of Secure Computing, McAfee expects to take another step toward its goal of strengthening its leadership position in security risk management (SRM).
With the pending addition of Secure Computing?s products and services, McAfee expects to be able to deliver the industry?s most complete network security portfolio (covering intrusion prevention, firewall, Web security, email security and data protection, network access control), from small and mid to the world?s largest organizations.
The proposed acquisition is subject to regulatory approvals and Secure Computing stockholder approval, and is expected to close in the latter part of the fourth quarter of 2008. McAfee anticipates that following the closing, Secure Computing?s technologies will be incorporated under McAfee?s Network Security product business unit, headed by Dan Ryan.