Chipmaker giant Intel acquired this Finnish cyber security firm Stonesoft for $389 million two years ago, now the company is planning to sell it to US defense giant Raytheon-Websense. As part of the company’s new strategic direction for it's security solutions, Intel has announced plans to sell Stonesoft to Raytheon-Websense.
US defense giant Raytheon has acquired Websense, which is known for its computer firewalls, for a whopping $1.9 billion in April as part of its $3.5 billion bid to become a major cybersecurity player. Raytheon-Websense is now a joint venture, with 80 percent owned by Raytheon and 20 percent owned by Vista Equity Partners.
John McCormack, CEO Raytheon-Websense, has outlined the acquisition plans in an internal memo, it states that the deal will add 300 new employee for Raytheon-Websense. McCormack also added that the deal will also bolster the hybrid cloud capability of Raytheon’s Triton security platform.
John McCormack, CEO Raytheon-Websense, wrote in an internal memo: "This acquisition underscores the power of our new company”, "When business opportunities like this arise, we have both the strength and the agility to act swiftly and decisively.”
Intel has started to build its security software portfolio when it acquired McAfee for $7.7 billion five years ago, and rebranded it to Intel Security. The sell-off of Stonesoft will complement Intel’s realignment strategy, where it's streamline business unit that do not match its new strategy around security outcomes for protection and detection. The deal is expected to close at the end this year.
Image credit: The Telegraph