Cyber security company FireEye acquires Mandiant for $1bn [Big News Network (United Arab Emirates)]
(Big News Network (United Arab Emirates) Via Acquire Media NewsEdge)
WASHINGTON - Cyber security company FireEye has acquired privately held Mandiant, a leading computer forensics specialist best known for unveiling how for years a secretive branch of China's military had stolen data from more than 100 global firms, in a deal worth more than $1billion (608million pounds).
The deal follows nearly two years of collaboration between the two companies and is one of the largest in the sector recently. The companies said they had agreed the deal on 30 December, but made it public on Thursday after close of US markets.
"Organizations today are faced with knitting together a patchwork of point products and services to protect their assets from advanced threats," David DeWalt, chief executive of FireEye, said in a statement.
"Together, the size and global reach of FireEye and Mandiant will enable us to innovate faster, create a more comprehensive solution, and deliver it to organizations around the world at a pace that is unmatched by other security vendors."
Kevin Mandia, Mandiant's founder and chief executive officer prior to the acquisition, has been appointed as the chief operating officer of FireEye.
Mandiant has been a strategic alliance partner of FireEye since April 2012. The combination of the two companies is a natural extension of this partnership and their integrated product offering, which both companies announced in February 2013.
The combination of FireEye and Mandiant brings together two highly complementary companies. FireEye pioneered the use of virtual machine technology in security with the introduction of its purpose-built virtual machine-based Multi-Vector Virtual Execution (MVX) engine.
With more than two million virtual machines deployed worldwide, the company's virtual machine-based Web, email, data center, and mobile security solutions provide real-time, dynamic threat protection to more than 1,500 government, enterprise, and small and mid-sized customers.
Mandiant is an acknowledged leader in endpoint security, incident response, and remediation, with more than two million endpoints installed globally.
Mandiant will be integrated with FireEye to provide global services and cloud solutions, including security consulting, incident response, and managed services. Mandiant's endpoint threat detection and response products will be incorporated as a core element of the FireEye Oculus platform.
Shares of Milpitas, California based FireEye shares rose 24% to $50.25 in after hours trading in New York on the announcement of the deal.
FireEye said that fourth-quarter revenue would be between $55 million and $57 million, higher than the company's earlier forecast of $52 million to $54 million.
Analysts surveyed by FactSet expected $53.4 million. The company is scheduled to report results after the market closes on February 11.
Including the Mandiant acquisition, FireEye expects 2014 revenue to be $400 million to $410 million.
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