SkyHigh not the limit of McAfee’s aim, IPO an option

JUNE 21, 2018

 

Cybersecurity company McAfee is looking at more acquisitions after purchasing safety provider SkyHigh Networks this year and has not excluded going public again to broaden its choices, its chief executive stated.

“We do have the capability to take on more liability if we require to … however, that would definitely be one of the other causes to go public, as it alters the capability to do purchases. It provides us a different type of money,” CEO Christopher Young said Reuters on the sidelines of a cybersecurity meeting.

Intel, which paid $7.7 billion for California-situated McAfee in 2011, last year spun off 51 percent to private equity fund TPG Capital at a $4.2 billion business value.

 

McAfee has $2.6 billion in annual income, is very valuable and has enhanced its valuation since the spin-off, Young stated, even though he refused to offer details.

After purchasing SkyHigh Systems for an unrevealed amount, McAfee purchased Canadian VPN provider TunnelBear to increase its consumer trade, which now provides moveable safety to over 300 million appliances.

Young stated there are many firms McAfee looks at as potential buys, adding it has cash available.

“Going public is definitely something that’s a probability. We do not have a set time frame. Our concentration is on building the business,” he added.

Reuters reported previous year that McAfee was soliciting $4.25 billion in loans to fund a dividend and refinance debt, while sources acquainted with the deal had stated McAfee was arranging for an initial public offering.

Young stated cloud security is a big part of the company’s policy, while enterprises are starting to add mobile safety to their portfolios.

“Companies are a little bit behind where customers are for mobile safety these days but it is definitely something that is becoming of greater interest,” he said.