A new McAfee emerges, commits to “Building a Safer Future”
The former Intel Security unit transforms into a standalone pure-play cyber protection company
McAfee has begun operating as a new standalone company, seven months after Intel announced it is spinning off its former security unit into a new company.
Intel Security originated from the chip maker’s acquisition of McAfee in 2011 but has struggled to turn the company into a viable business.
McAfee will be owned by TPG Capital and Intel Corporation (INTC) with private equity investment firm Thoma Bravo joining, as a minority investor in the Company, through an agreement with TPG Intel is retaining a 49% equity stake in the new entity.
With the help of its new investment partners, McAfee will apply greater market focus, build its platform and target new financial, operational and technology investments to better address the cybersecurity market’s significant global growth opportunity, the company says. Intel senior vice president and general manager Chris Young will lead the new McAfee as CEO. TPG partner Bryan Taylor has been named chairman of the Board.
“Cybersecurity is the greatest challenge of the connected age, weighing heavily on the minds of parents, executives and world leaders alike,” said Christopher Young, CEO of McAfee. “As a standalone company with a clear purpose, McAfee gains the agility to unite people, technology and organisations against our common adversaries and ensure our technology-driven future is safe.”
“We offer Chris Young and the McAfee team our full support as they establish themselves as one of the largest pure-play cybersecurity companies in the industry,” said Brian Krzanich, Intel CEO. “Security remains important to Intel, and in addition to our equity position and ongoing collaboration with McAfee, Intel will continue to integrate industry-leading security and privacy capabilities in our products from the cloud to billions of smart, connected computing devices.”