FireEye Announces Sale of FireEye Products Business enterprise to Symphony Technological innovation Team for $1.2 Billion
MILPITAS, Calif.–(Company WIRE)–FireEye, Inc. (NASDAQ: FEYE) today declared it has entered into a definitive agreement to sell the FireEye Products enterprise, such as the FireEye identify, to a consortium led by Symphony Technology Group (STG) in an all-dollars transaction for $1.2 billion, before taxes and transaction-relevant expenses.
The transaction is predicted to close by the close of the fourth quarter of 2021, matter to customary regulatory approvals and closing disorders, and will different FireEye’s network, electronic mail, endpoint, and cloud security products and solutions, alongside with the associated safety management and orchestration system, from Mandiant’s controls-agnostic software program and services, enabling equally organizations to accelerate development investments, go after new go-to-market place pathways, and emphasis innovation on their respective solutions. The FireEye Merchandise enterprise and Mandiant Methods will keep on to work as a single entity until the transaction closes, permitting administration and STG to produce a effective changeover of the FireEye Products and solutions enterprise to a standalone entity inside of the STG portfolio.
The Company is fully commited to developing and preserving a potent partnership and at closing will enter into agreements designed to increase the gains for joint shoppers. These agreements incorporate a reseller and market cooperation arrangement, a strategic collaboration settlement, and a transition providers settlement. Prospects and companions can assume to get the complete advantage of these agreements as the firms share technology, telemetry, risk intelligence, and know-how.
“We consider this separation will unlock our superior-expansion Mandiant Answers business enterprise and enable equally companies to much better provide clients,” stated FireEye Main Government Officer Kevin Mandia. “After closing, we will be equipped to focus solely on scaling our intelligence and frontline knowledge via the Mandiant Benefit platform, though the FireEye Solutions enterprise will be able to prioritize investment on its cloud-very first protection product or service portfolio. STG’s focus on fueling revolutionary industry leaders in software and cybersecurity can make them an ideal lover for FireEye Solutions. We glimpse ahead to our romance and collaboration on threat intelligence and experience.”
“We are particularly impressed by the FireEye Items enterprise and the mission significant purpose it plays for its clients,” mentioned William Chisholm, Taking care of Husband or wife at STG. “We consider that there is monumental untapped prospect for the organization that we are enthusiastic to crystallize by leveraging our important security software sector experience and our current market leading carve-out abilities.”
Mandiant Options has founded its placement as the marketplace leader in danger intelligence and cybersecurity know-how from the front lines, serving enterprises, governments and legislation enforcement agencies all over the world. With a mission of generating just about every corporation secure from cyber threats, Mandiant is scaling its intelligence and abilities by way of the open Mandiant Edge SaaS platform. With Mandiant Edge, customers of all sizes can obtain the latest danger intelligence from the entrance lines, automate inform investigation and prioritization, and validate the performance of security controls products from any seller.
FireEye pioneered the state-of-the-art threat detection market with the introduction of its Multi-Vector Execution (MVX) engine for network protection. Since then, FireEye has continuously innovated to progress its detection and prevention technologies by device-understanding and state-of-the-art analytics while extending across network, email, endpoint, and cloud protection products and solutions, and the related security administration and orchestration platform. These days, FireEye’s smart, cloud-initially XDR system provides unmatched detection, defense, and response for a lot more than 50 percent of the Forbes International 2000.
Goldman Sachs & Co. LLC is serving as financial advisor, and Wilson Sonsini Goodrich & Rosati P.C. is performing as authorized advisor, to FireEye.
UBS Investment Bank and Jefferies LLC are performing as fiscal advisors, and Paul Hastings LLP is acting as legal advisor, to STG. UBS Expenditure Lender and Jefferies Finance LLC are giving funding for the transaction.
Share Repurchase Program Licensed
The organization also introduced that its Board of Directors has authorized a share repurchase method for up to $500 million of fantastic FireEye popular inventory.
Repurchases could be produced at management’s discretion from time to time on the open sector, by way of privately negotiated transactions and through Rule 10b5-1 designs. The repurchase software has no termination date and might be suspended for periods, amended or discontinued at any time. Any shares obtained will be obtainable for basic corporate functions.
Conference Connect with Info
FireEye will host a meeting connect with nowadays, June 2, 2021, at 5 p.m. Jap time (2 p.m. Pacific time) to talk about the transaction. Interested events may perhaps entry the convention connect with by dialing 877-312-5521 (domestic) or 678-894-3048 (global). A dwell audio webcast of the simply call can be accessed from the Investor Relations area of the firm’s web page at https://traders.fireeye.com. An archived edition of the webcast will be readily available at the exact web site shortly just after the summary of the dwell event.
Forward-searching Statements
This press launch consists of ahead-seeking statements, such as statements linked to the timing of the completion of the transaction the volume of hard cash proceeds and the use thereof the consequences of the transaction on FireEye’s remaining buyers and Mandiant’s controls-agnostic software program and providers the Company’s ability to accelerate development investments, go after new go-to-sector pathways, and emphasis innovation on its solutions its anticipations all around the certainty of and timing of closing of the transaction any other statements of expectation or perception and any statements of assumptions fundamental any of the foregoing, as effectively as statements pertaining to plans and opportunities.
These ahead-wanting statements contain threats and uncertainties, as perfectly as assumptions which, if they do not fully materialize or verify incorrect, could induce FireEye’s benefits to vary materially from those people expressed or implied by such forward-looking statements. The risks and uncertainties that could bring about FireEye’s effects to differ materially from all those expressed or implied by such forward-looking statements consist of failure to fulfill any of the situations to the completion of the proposed transaction the event of any function, transform or other circumstance that could give rise to the termination of the Asset Buy Agreement no matter whether and when FireEye executes on the stock repurchase, and its best dimension, which is centered on a selection of assumptions the effect of the sale of the FireEye property on the Company’s retained businesses and products retention of existing executive leadership team users challenges in enhancing go ahead execution and products advancement all through transitions normal company and economic circumstances fluctuations and volatility in FireEye’s inventory price the skill of FireEye to successfully execute strategic strategies the means to retain customer and associate associations the capacity of FireEye to accomplish its value and running performance ambitions the expected growth of particular market segments FireEye’s revenue pipeline and company tactic fluctuations in tax premiums and foreign currency exchange fees the timing and current market acceptance of new product releases and updates and the productive improvement of new solutions and the diploma to which these products and solutions achieve market place acceptance and common marketplace, political, economic, and company problems, as effectively as those challenges and uncertainties included less than the captions “Risk Factors” and “Management’s Dialogue and Examination of Fiscal Issue and Effects of Operations” in FireEye’s Form 10-Q filed with the Securities and Trade Commission on April 30, 2021, which ought to be read in conjunction with these economic benefits and is obtainable on the Investor Relations area of FireEye’s site at investors.fireeye.com and on the SEC site at www.sec.gov.
All ahead-searching statements in this press launch are based mostly on details obtainable to the organization as of the date hereof, and FireEye does not believe any obligation to update the ahead-wanting statements provided to mirror situations that arise or instances that exist following the date on which they had been created, other than as expected by regulation. Any long run products, services, element, or related specification that could be referenced in this launch is for informational purposes only and is not a motivation to provide any presenting, technology or improvement. FireEye reserves the suitable to modify foreseeable future item or assistance options at any time.
About STG
Symphony Technological innovation Group (STG) is the non-public equity companion to marketplace top providers in details, software, and analytics. The organization brings expertise, adaptability, and methods to establish strategic value and unlock the probable of revolutionary providers. Partnering to create shopper-centric, sector successful portfolio companies, STG produces sustainable foundations for expansion that convey value to all existing and upcoming stakeholders. The company is dedicated to reworking and developing exceptional technology firms in partnership with earth course administration teams. STG’s expansive portfolio has consisted of a lot more than 35 world firms. For far more information, you should stop by www.stgpartners.com.
About FireEye, Inc.
Working as a seamless, scalable extension of consumer protection functions, FireEye gives a single system that blends ground breaking safety technologies, country-state grade risk intelligence, and world-renowned Mandiant consulting. With this solution, FireEye gets rid of the complexity and burden of cyber safety for organizations having difficulties to put together for, avert, and answer to cyber attacks. FireEye has above 10,100 consumers across 103 nations, which includes much more than 50 % of the Forbes Global 2000.
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