McAfee, Inc. announced that it has completed the acquisition of privately owned MX Logic, Inc. for approximately $140 million in cash, with an earn-out of up to an additional $30 million in cash if certain performance targets are met.
“With this transaction, McAfee is is now in a position to offer the cloud-based security solutions that combine global threat intelligence technologies with security-as-a-service.
“Customers will be able to leverage the cloud to simplify their security architecture and enjoy access to a broader set of delivery options, including appliances, software or in-the-cloud deployments,” said Marc Olesen, senior vice president and general manager, McAfee.
MX Logic, a provider of cloud-based e-mail and Web security, email archiving and email continuity services, currently protects approximately 40,000 customers and four million end users.
In addition, MX Logic will pad McAfee’s channel by more than 1,800 channel partners with expertise in security software-as-a-service.
McAfee intends to leverage this ecosystem to cross sell McAfee technology-based solutions and develop co-branded and bundled offerings.
MX Logic team will report to the McAfee software-as-a-service business unit, headed by Olesen.
McAfee expects the impact of the acquisition of MX Logic to be breakeven to slightly accretive in 2010 on non-GAAP earnings-per-share and more dilutive to GAAP earnings-per-share. For the remainder of 2009 we expect the impact of the acquisition to be $0.01 to $0.02 dilutive to non-GAAP earnings-per-share and more dilutive to GAAP earnings-per-share. Non-GAAP earnings-per-share will exclude the impact of amortization of acquired intangibles, stock-based compensation expense and other nonrecurring costs or charges.
