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May 6, 2013 11:23 am GMT
McAfee, the Intel-owned security specialist, has just announced that it is buying Stonesoft Oyj,a Finland-based specialist in firewall protection products, for $389 million in cash. The move will let McAfee expand its product line specifically in cloud-based networked security products, to complement the antivirus services for which McAfee is best known. Stonesoft, a publicly-traded company in Finland, says in a statement to the market that it is publicly recommending the offer. It notes that the price offered for each share tendered in the offer will be 4.50 in cash ($5.90), a premium of around 142% compared to the volume-weighted average trading price of the Stonesoft shares on NASDAQ OMX Helsinki over the last 12 months; 106% above the average trading price in the last three months; and a 128% premium on the closing price last Friday. It comes at a time when PCs are sitting side by side with other kinds of devices like tablets and smartphones on networks, and more information is moving off devices and on to cloud-based systems. Stonesoft, which has around 6,500 customers, has made a name for itself in working at the cutting edge of networked-security solutions, offering coverage for areas where hackers are learning to bypass traditional security walls, something Stonesoft refers to as Advanced Evasion Techniques. Its customers include governments, retailers, financial services companies and more. With the pending addition of Stonesofts products and services, McAfee is making a significant investment in next-generation firewall technology. These solutions anticipate emerging customer needs in a continually evolving threat landscape, said Michael DeCesare, McAfee President, in a statement. Stonesoft is a leading innovator in this important market segment.” He added that McAfee will integrate Stonesofts products into McAfees cloud-based Security Connected strategy. This will include McAfees IPS Network Security Platform, McAfees Firewall Enterprise for the high assurance market segment, and now Stonesofts next-generation firewall. All the same, Stonesoft may represent the future of IT security, but presently its results are more mixed. For the first quarter of 2013, net sales for Stonesoft were 9.2 million euros ($12 million), up 12% over last year, but it also posted a loss per share of 0.03 euro cents ($0.04) down by 0.02 euro cents on a year ago. There is a strong business argument for McAfee buying into more expertise and products in the area of networked security. On one hand, security attacks on cloud-based systems are on the
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/_2joizk038Y/
Intel's McAfee Is Buying Stonesoft, A Finnish Networked Firewall Specialist, For $389M In Cash
McAfee, the Intel-owned security specialist, has just announced that it is buying Stonesoft Oyj,a Finland-based specialist in firewall protection products, for $389 million in cash. The move will let McAfee expand its product line specifically in cloud-based networked security products, to complement the antivirus services for which McAfee is best known. Stonesoft, a publicly-traded company in Finland, says in a statement to the market that it is publicly recommending the offer. It notes that the price offered for each share tendered in the offer will be 4.50 in cash ($5.90), a premium of around 142% compared to the volume-weighted average trading price of the Stonesoft shares on NASDAQ OMX Helsinki over the last 12 months; 106% above the average trading price in the last three months; and a 128% premium on the closing price last Friday. It comes at a time when PCs are sitting side by side with other kinds of devices like tablets and smartphones on networks, and more information is moving off devices and on to cloud-based systems. Stonesoft, which has around 6,500 customers, has made a name for itself in working at the cutting edge of networked-security solutions, offering coverage for areas where hackers are learning to bypass traditional security walls, something Stonesoft refers to as Advanced Evasion Techniques. Its customers include governments, retailers, financial services companies and more. With the pending addition of Stonesofts products and services, McAfee is making a significant investment in next-generation firewall technology. These solutions anticipate emerging customer needs in a continually evolving threat landscape, said Michael DeCesare, McAfee President, in a statement. Stonesoft is a leading innovator in this important market segment.” He added that McAfee will integrate Stonesofts products into McAfees cloud-based Security Connected strategy. This will include McAfees IPS Network Security Platform, McAfees Firewall Enterprise for the high assurance market segment, and now Stonesofts next-generation firewall. All the same, Stonesoft may represent the future of IT security, but presently its results are more mixed. For the first quarter of 2013, net sales for Stonesoft were 9.2 million euros ($12 million), up 12% over last year, but it also posted a loss per share of 0.03 euro cents ($0.04) down by 0.02 euro cents on a year ago. There is a strong business argument for McAfee buying into more expertise and products in the area of networked security. On one hand, security attacks on cloud-based systems are on theOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/_2joizk038Y/
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