FireEye sells cybersecurity products business to STG for $1.2 bn

FireEye announced it would be selling its cybersecurity products business, including the FireEye name, to a consortium led by private-equity firm Symphony Technology Group for $1.2 billion in cash.
FireEye cybersecurity solution
The U.S. cybersecurity firm said it will retain the Mandiant Solutions business, its cyber forensics unit, as part of the new strategy.

FireEye has reported revenue of $246 million during the first quarter of 2021 and is targeting annual revenue of $1.030 billion in 2021.

FireEye has over 10,100 customers across 103 countries, including more than 50 percent of the Forbes Global 2000.

FireEye said the deal is expected to close by the end of the fourth quarter.

FireEye was the subject of a state-sponsored cyberattack in December last year. Microsoft in February credited the company’s transparency about the breach in helping it discover that had also been attacked, Reuters reported.

FireEye CEO Kevin Mandia said the sale will help it grow its Mandiant Solutions business. Mandiant is scaling its intelligence and expertise through the open Mandiant Advantage SaaS platform.

Customers can use Mandiant Advantage to access the latest threat intelligence from the front lines, automate alert investigation and prioritization, and validate the effectiveness of security controls products from any vendor.

“We will be able to concentrate 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,” Mandia added.