FireEye sells products business to a Symphony Technology Group-led consortium for $1.2B

SaaS News -FireEye-to-sell-products-unit-to-Symphony-led-group-for-$1 (source: SaaS Industry)
At a Glance

FireEye, a cybersecurity firm in the US, has entered a definitive agreement to sell its FireEye Products Business to a consortium led by Symphony Technology Group for $1.2 billion. This deal shall separate FireEye and Mandiant Solutions, which it acquired in late 2013, causing both of them to work as separate entities. 

US cybersecurity firm FireEye on Wednesday announced that it would sell its business products- FireEye Products Business including the FireEye name, to a Symphony Technology Group (STG) -led consortium for $1.2 billion. 

The all-cash transaction, which is reported to close by the end of 2021-Q4, will separate FireEye’s network, email, endpoint cloud security products, and other security-related management from its cyber forensics unit, Mandiant solutions. However, until the transaction is closed, FireEye and Mandiant Solutions will continue to operate as a single entity, providing breathing space for the management and STG to successfully transition the FireEye Products business to Mandiant within the STG portfolio.

In early 2013, FireEye had acquired Mandiant for about $1 billion. Now following the sale, Mandiant will be an independent company focusing on cyber-incident response and cybersecurity testing.

Kevin Mandia, CEO of FireEye, opined that the separation would allow both organizations to serve their customers better and added, 

After closing, we will be able to concentrate exclusively on scaling our intelligence and frontline expertise through the Mandiant Advantage platform, while the FireEye Products business will be able to prioritize investment on its cloud-first security product portfolio. STG’s focus on fueling innovative market leaders in software and cybersecurity makes them an ideal partner for FireEye Products. We look forward to our relationship and collaboration on threat intelligence and expertise.

Kevin Mandia, CEO of FireEye

William Chisholm, managing director at STG, said that he was highly impressed with FireEye’s business and the mission-critical role it played for its customers and added,

We believe that there is an enormous untapped opportunity for the business that we are excited to crystallize by leveraging our significant security software sector experience and our market-leading carve-out expertise.

William Chisholm, managing director at STG
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