The world’s largest chipmaker, Intel Corporation is being offered of buying Finland’s Stonesoft for a sum of $389 million in cash in order to expand the product offering of Intel Corp.’s McAfee security software business. The Finland’s Stonesoft’s investors will be getting about $5.90 per share which will be more than the price of the May 3 closing price per share. The offered price would make about 142% increase from the price of the volume weighted average trading price of the Stonesoft shares, about 106% increase compared to the average trading price in the last 3 months and 128% above the closing price of the stock price last May 3, 2013.
These information was revealed by the Stonesoft themselves which resulted to the stock price to be soaring high. The Stonesoft Chief Executive Officer Ilkka Hiidenheimo together with the Stonesoft Chairman Hannu Turunen and a board member Timo Syrjaelee are holding about 34.7% of the total shares of the Stonesoft has already accepted the offer. The Finland based company’s board also recommends to take the deal. If this deal would take place, the purchase would make the McAfee expand the network firewall and the evasion prevention offering as it would be competing against their rivals. The Stonesoft which is a publicly traded company in Finland has said in their statement to the market that it is publicly recommending the offer.
The Stonesoft’s Popularity Even Before The Deal
The deal has come in a great time as the Personal Computers are sitting side by side with the other kinds of the devices like the tablets and smartphones on the networks and some more information has been moving off the devices and onto the cloud based systems. Currently the Stonesoft Company has around 6,500 customers and has made a name for themselves. Stonesoft is offering coverage for the areas where the hackers are all learning to bypass the traditional security walls which is something the Stonesoft company called as the Advanced Evasion Techniques. They are selling the security as a service that will work across the customers premises equipment and the cloud based services. The Stonesoft’s customers are including the retailers, businesses, financial services companies, as well as the government and a lot more type of companies.
Statements From The McAfee Officials
According to Michael DeCesare, the McAfee president, with the additional pending products and services of the Stonesoft, the McAfee will be making a significant investment in the next generation firewall technology. These solutions will definitely result to an emerging customer needs in a continually evolving threat landscape. The McAfee President also added that Stonesoft is the leading innovator in the one of the most important market segment. The McAfee will surely integrate the Stonesoft’s products into the McAfee’s cloud based Security Connected strategy which includes the McAfee’s Firewall Enterprise for the high insurance segment of the market, McAfee’s IPS Network Security Platform and now the Stonesoft’s next generation firewall. The next generation firewall management was also highlighted by the Vice President and GM of the security products for McAfee, Pal Calhoun in their blog post. The deal has come two months after the McAfee has announced that it has acquired that ValidEdge from the LynuxWorks, however the terms of the deal were not disclosed by the companies.