In a deal that will net them 275 million US dollars, the security company Network Associates is selling their Sniffer product line to Silver Lake Partners and Texas Pacific Group, and renaming themselves to McAfee, Inc.
The McAfee name is already a world recognised brand in anti-virus at an enterprise and consumer level, and Network Associates are changing their name in order to be able to capitalise on that. The rebranded McAfee, Inc. consists of enterprise anti-virus and intrusion prevention security businesses as well as the McAfee Labs research organisation and the consumer security business.
George Samenuk, CEO and chairman of Network Associates, made the following statement:
This company is engaged in the most aggressive and important transformation in its history. Today's announcements demonstrate our commitment to increase shareholder value by streamlining our business and accelerating profit and growth. These changes will transform us into a more powerful, more profitable, and more competitive company for the future.
In a letter to customers, the Network Associates President Gene Hodges and Sniffer Technology President Ray Smets stated that they expect the handover to take place during the second quarter 2004, subject to customary closing conditions. We'll keep you posted.
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