Security News > 2021 > March > McAfee to offload enterprise business for $4bn, focus on consumer security

McAfee will sell off its enterprise business to private equity firm Symphony Technology Group for $4bn in cash, the venerable security biz announced on Monday.

After selling off its enterprise arm McAfee will focus on its consumer security business, using its wide brand recognition to grab more of the growing cybersecurity market.

"As alleged, McAfee and Watson exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception," explained Manhattan US Attorney Audrey Strauss, referring to Jimmy Gale Watson, who was an "Executive adviser" to McAfee's cryptocurrency team.

Basically, McAfee did two things, the DoJ alleges: one, he bought cryptocurrencies that he then boosted online with false information and then cashed out.

This new deal will see the business side rebranded and sold off, and the consumer side retain the name, which is still one of the best-known computer security companies among the general public, and focus on expanding its number of users.

McAfee CEO Peter Leav said of the deal and its buyer: "STG is the right partner to continue strengthening our Enterprise business, and this outcome is a testament to the business' industry-leading solutions and most notably to the outstanding contributions of our employees. This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers." .

News URL

https://go.theregister.com/feed/www.theregister.com/2021/03/08/mcafee_enterprise_sale_indictment/