Security outfit FireEye is selling its products business and the FireEye name to private equity firm Symphony for $1.2 billion.
The company, which will have to be renamed, will retain its Mandiant cyber forensics division but will part with its cloud security, networking, and email products as well as the name.
The new entity will keep the name Mandiant Solutions which was created by FireEye CEO Kevin Mandia, integrated into the broader FireEye portfolio and became a key segment.
Mandia said the sale of the broader FireEye portfolio to private equity will help to grow the Mandiant Solutions business, which FireEye claims has established its position as the market leader in threat intelligence and security expertise.
Kevin Mandia, chief executive said: “We believe this separation will unlock our high-growth Mandiant Solutions business and allow both organizations to better serve customers. After closing, we will be able to concentrate exclusively on scaling our intelligence and frontline expertise through the Mandiant Advantage platform, while the FireEye Products business will be able to prioritize investment on its cloud-first security product portfolio.”
FireEye had a bad year last year. In December 2020 that it was targeted by state-backed cyber criminals, with “highly sophisticated” hackers breaching its systems and making off with its advanced penetration tools.
