FireEye said it is selling its FireEye Products business for $1.2 billion to a consortium led by Symphony Technology Group (STG).
The all-cash deal is expected to close at the end of the fourth quarter.
FireEye said that the transaction separates the company’s network, email, endpoint and cloud security products from Mandiant’s software and services. FireEye Products and Mandiant Solutions will continue to be one entity until the transaction closes.
Symphony Technology Group and FireEye will maintain reselling and collaboration agreements.
FireEye CEO Kevin Mandia said the deal will allow FireEye to scale its software platforms. FireEye projected that its products and related subscriptions and support revenue would fall 10% to 11% in 2021 compared to 2020.
Here’s a look at how FireEye Products fit into the company’s first quarter billings mix.
In addition, FireEye said it has authorized a stock repurchase program of $500 million.