McAfee has announced that it will acquire cloud security company Skyhigh Networks in its first acquisition after spinning out from Intel earlier this year.
While the two companies have yet to disclose the financial terms of the deal, Skyhigh has been valued at $400 million with its last round of funding raising $106 million from investors including Salesforce, Sequoia and Greylock.
Cybersecurity has become a sticking point for businesses lately as ransomware and other cyber attacks have increased in scope and severity. By purchasing Skyhigh Networks, McAfee will be able to put the company's cloud expertise to good use and better protect its customers online.
Skyhigh's current CEO Rajiv Gupta will join McAfee as the new head of its cloud business unit and he explained how the deal will benefit both companies, saying:
“Becoming part of McAfee is the ideal next step in realising Skyhigh Networks' vision of not simply making the cloud secure, but making it the most secure environment for business. McAfee will provide global scale to further accelerate Skyhigh's growth, with the combined company providing leading technologies and solutions across cloud and endpoint security- categories Skyhigh and McAfee respectively helped create, and the two architectural control points for enterprise security.”
We will likely hear more once the deal closes following regulatory approvals.
Image Credit: Skyhigh