In a recent press release, Symphony Technology Group announced its acquisition of the FireEye Products business, including the FireEye brand, in an all-cash transaction for $1.2 billion, with the transaction expected to close by the end of Q4 2021. The acquisition will separate FireEye’s network, e-mail, endpoint, and cloud security products (with their related management platform) from Mandiant’s software and services, leaving both companies free to focus on their core business competencies.
While FireEye and Mandiant will continue to operate as a single business entity until the deal closes, afterward, the STG-owned assets will be privately held, with Mandiant Solutions continuing to be a publicly traded company. A new ticker symbol to succeed FEYE will be announced in the coming weeks. The Board of Directors has approved a share repurchase program for up to $500 million of outstanding FireEye common stock.
FireEye CEO Kevin Mandia said in a prepared statement, “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...We look forward to our relationship and collaboration on threat intelligence and expertise.”
Mandiant’s services have protected enterprises, governments, and law enforcement agencies worldwide, by scaling intelligence and expertise through the open Mandiant Advantage SaaS platform. The company has been involved in major cyberattack investigations, including the recent SolarWinds Orion breach which impacted both public and private sector IT systems.
As a market leader in threat intelligence and cybersecurity expertise, Mandiant Solutions will continue to specialize in consulting and security services, including its core threat intelligence services, enabling customers to automate alert investigation and validate the effectiveness of security products and controls from other vendors.
After the deal closes, FireEye and Mandiant will maintain a market cooperation agreement, as well as a strategic collaboration agreement and transition services agreement, ensuring that customers and partners can continue to benefit from their shared expertise and threat intelligence.