McAfee is officially operating as a standalone cybersecurity company, closing a previous investment from TPG Capital and Intel valued at $4.2 billion. Intel Security Senior Vice President and General Manager Chris Young will serve as McAfee's CEO, and TPG Partner Bryan Taylor has been named the company's Chairman of the Board.
Private equity firm Thoma Bravo has purchased a minority stake in McAfee. Meanwhile, Intel will maintain 49 percent equity stake in the business.
Intel in September announced plans to spin off McAfee. The company originally acquired McAfee for $7.6 billion in 2011.
Why Did McAfee Become a Standalone Company?
McAfee now serves as one of the world's largest pure-play cybersecurity firms. It boasts more than 800 security patents and 200 million consumer users and is focused on finding ways to extend its cybersecurity market reach.
Building its cybersecurity platform and targeting new financial, operational and technology investments are top priorities for McAfee, the company said in a prepared statement. McAfee also will explore new cybersecurity market opportunities.
"As a standalone company with a clear purpose, McAfee gains the agility to unite people, technology and organizations against our common adversaries and ensure our technology-driven future is safe," Young said in a company statement.
Richard Steranka, SVP, global channel operations at McAfee, sounds ready to hit the ground running. During a briefing with ChannelE2E yesterday, Steranka said several hundred partners have climbed to McAfee's highest ranking status. Plus, the overall partner program and associated portal are ready to run, effective immediately, under the McAfee branding.
Major Opportunities in the Cybersecurity Market
The global cybersecurity sector represents a major growth opportunity for McAfee, which is reflected in recent market projections.
Markets and Markets has predicted the worldwide cybersecurity market will expand at a compound annual growth rate (CAGR) of 10.6 percent from 2016 to 2021. The market research firm has projected the global cybersecurity market will be worth nearly $202.4 billion by 2021.
In addition, expect several factors to drive the worldwide cybersecurity market's growth over the next several years, Markets and Markets indicated.
Additional insights from Joe Panettieri.