FireEye to sell its core products and branding for $1.2bn

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Cyber security organization FireEye is selling its products and solutions business and the FireEye identify to private equity business Symphony Technology Team for $1.2 billion (approximately £846 million).

The company, which will have to be renamed, will keep its Mandiant cyber forensics division but will portion with its cloud security, networking, and email merchandise as properly as the name. 

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It’s expected the new entity will retain the name Mandiant Options, which was the name of the organization FireEye obtained in 2014 for about $1 billion (close to £705 million). Mandiant, created by present-day FireEye CEO Kevin Mandia, was built-in into the broader FireEye portfolio and grew to become a important section. 

The go signifies a adjust in method for the enterprise, which had formerly been keen to get other firms to increase its portfolio, including most not long ago Cloudvisory in January 2020. This was the firm’s seventh acquisition, and formerly purchased the enterprise platform Verodin for $250 million (about £190 million) in 2019.

Mandia said the sale of the broader FireEye portfolio to private equity will enable to develop the Mandiant Answers company, which FireEye statements has set up its situation as the current market chief in threat intelligence and security abilities. 

“We believe that this separation will unlock our large-development Mandiant Methods organization and permit both equally organizations to better provide prospects,” explained Kevin Mandia, main government.

“Soon after closing, we will be capable to concentrate completely on scaling our intelligence and frontline experience by means of the Mandiant Benefit system, when the FireEye Solutions business enterprise will be able to prioritize investment decision on its cloud-initial security solution portfolio.”

FireEye disclosed in December 2020 that it was targeted by state-backed cyber criminals, with “highly subtle” hackers breaching its systems and building off with its innovative penetration applications. 

As component of its broader supplying, the corporation aids its just about 9,000 clients, together with governments and high-value targets, fend off condition-sponsored attacks.

It has considering that emerged that hackers had been only capable to breach FireEye possessing currently infiltrated the SolarWinds Orion Platform in a source chain attack. This provide chain attack also affected hundreds of other companies as very well as US authorities companies.