Software provider McAfee switches to standalone operation

The new McAfee will expand upon its security solutions platform to better enable customers to identify responses to cyber-threats.
The launch of McAfee marks the closing of the previously announced investment by TPG and Intel Corp to establish a pure-play cybersecurity company with access to significant capital, operational and technology resources. 
Additionally, McAfee said on Tuesday that private equity investment firm Thoma Bravo has become a minority investor in the company, through an agreement with TPG. As previously announced, Intel is retaining a 49 per cent equity stake in the new entity.
With the help of its new investment partners, McAfee will apply greater market focus, build its platform and target new financial, operational and technology investments to better address the cybersecurity market’s global growth opportunity.
Intel senior vice president and general manager Chris Young will lead the new McAfee as chief executive. TPG partner Bryan Taylor has been named chairman of the board.
“Cybersecurity is the greatest challenge of the connected age, weighing heavily on the minds of parents, executives and world leaders alike,” said Young. “As a standalone company with a clear purpose, McAfee gains the agility to unite people, technology and organisations against our common adversaries and ensure our technology-driven future is safe.”
Brian Krzanich, Intel CEO, said: “We offer Chris Young and the McAfee team our full support as they establish themselves as one of the largest pure-play cybersecurity companies in the industry.
“Security remains important to Intel, and in addition to our equity position and ongoing collaboration with McAfee, Intel will continue to integrate industry-leading security and privacy capabilities in our products from the cloud to billions of smart, connected computing devices.
Taylor said: “Since its founding, McAfee has been dedicated to offering its customers industry-leading cybersecurity solutions.
 “Its ongoing commitment to product innovation, a rich partner ecosystem, and superior customer service has created a trusted brand that will thrive as a standalone entity. 
“We look forward to working with the company and our partners to accelerate growth and continue building a leading cybersecurity platform that serves to protect customers in today’s changing environment.”
Seth Boro, a managing partner at Thoma Bravo, said: “McAfee is a global organization with a 30-year history and a brand known the world over for innovation, trust and collaboration.
“Given our years of focus on the security software sector, we see great opportunity for McAfee to continue to advance and innovate.
 “Our deep sector knowledge and history of helping build successful businesses will be an asset to the company, and we look forward to working with the management team and our colleagues at TPG and Intel to guide McAfee through its next chapter of growth.”