Symphony Technology Group will combine FireEye products with McAfee Enterprise when it completes its acquisition of FireEye, the Menlo Park, California-based private equity firm announced Thursday.
The combined security portfolio will have nearly $2 billion in revenue and have more than 5,000 employees. It will be led by FireEye’s Bryan Palma as chief executive officer; Ian Halifax will be the chief financial officer.
According to the announcement, STG expects the pairing of the two companies in the fourth quarter of 2021 and will have an integrated security portfolio that protects customers across endpoints, infrastructure, applications and in the cloud.
FireEye announced four months ago that its products and name would be sold to a consortium led by Symphony in a $1.2 billion dollar acquisition. The deal would give Symphony Technology Group ownership of their network, email, endpoint and cloud security products their security management and orchestration platform, as well as the FireEye name. It also results in FireEye's split from Mandiant Consulting, ending a seven-year partnership. One month after that announcement, Symphony completed the acquisition of McAfee’s enterprise security software business in a $4.0 billion deal.
Palma joined FireEye as executive vice president of FireEye Products in February 2021 and revamped the business’s product strategy, which led to the eventual sale to STG for $1.2 billion.
“I am energized to lead the integration of McAfee Enterprise and FireEye Products into the next chapter of our shared journey,” said Palma in the statement. “Our customers need an integrated security platform powered by artificial intelligence, machine learning, and automation. We have an incredibly talented team of security professionals who will work tirelessly to deliver this outcome for our customers.”
“Cyber risk is the No. 1 threat facing modern organizations and we are excited to advance our growing portfolio of cybersecurity companies. Given Bryan and Ian’s respective experiences leading transformations, we are thrilled to partner with them to unlock value in the cybersecurity market,” said William Chisholm, STG co-founder and managing partner.