July 30, 2010
SANTA CLARA, Calif., July 29, 2010 – McAfee, Inc. (NYSE: MFE) today announced that it has entered into a definitive agreement to acquire privately owned tenCube, the provider of the WaveSecure mobile security service. Adding WaveSecure’s locate, lock, back-up and wipe technology to Trust Digital’s enterprise mobility management and McAfee’s mobile security technology, gives McAfee the capabilities it needs to deliver the industry’s most complete next generation mobility platform. McAfee will now have a single platform, from the consumer to the enterprise, to address the management and security of all devices types, to all markets and with the most robust feature set.
People today are 15 times more likely to lose their phones than their laptop. Device loss is currently the most worrisome and likely security incident that consumer mobile users face today. Losing the device means losing personal data like pictures, contacts and personal financial information. It also means losing the ability to communicate and the value of the device. Through this acquisition, McAfee plans to offer users of all sizes the broadest platform available and the easiest and most flexible way to remotely control their mobile device. The acquisition is expected to help McAfee:
* Further establish itself as the leader in mobile security with the most complete set of mobile technologies—McAfee now has the technology needed for users and their families to locate, lock, encrypt, protect against malware, wipe, filter, manage, back-up, restore and access their data online * Leverage its expertise at the endpoint and in the cloud to broaden its existing mobile security portfolio beyond anti-malware, data protection, Web security and family protection * Expand the addressable device market with best-in-market mobile device platform support, including a wide range of mobile operating systems including Android, Blackberry, Symbian, Windows Mobile, iPhone and Java powered feature phones * Combine the skills and resources of both companies to develop and deliver scalable solutions through global partnerships with mobile service providers and mobile device manufacturers * Expand the breadth of its device management solutions available for enterprise IT administrators to implement policies, assist users and enforce compliance for mobile applications across the enterprise
According to Ericsson, there will be 50 billion IP connected devices in 2020, up from 1 billion today. With the proliferation of these devices comes the need to secure and manage them—whether it’s the value of the device itself, protection from theft and data loss, or meeting compliance requirements set forth by the user’s employer.
“There has been a tremendous amount of innovation in the past year with smartphones and other mobile devices, which really puts McAfee at a tipping point,” said Todd Gebhart, executive vice president of consumer, mobile and small business. “With our more than 20 years of expertise in securing the endpoint, nearly a decade of experience securing mobile devices and a vast partner ecosystem, we are well positioned to out innovate and deliver the broadest mobile platform available.”
“Mobile devices have become an extension of our lives,” said Darius Cheung, chief executive officer, tenCube. “Through this acquisition, McAfee can broaden its security capabilities and offer users protection and remote control of the phone whether it is in their possession or not. This means no more worries about the whereabouts of your phone or losing personal contacts, photos or messages.”
The WaveSecure security service for consumers allows users to remotely control their devices, manage the data on their phones, ensure privacy in the event of device theft or loss and enhance the possibility of recovering the phone. McAfee also plans to offer a child locator service, using the unique technology from WaveSecure.
If a phone is lost, the WaveSecure service lets users remotely locate the phone and pinpoint its location. If the phone's been stolen, they can remotely lock it and/or wipe all of the personal data from the device and its external memory cards. The phone will automatically go into lock-down mode if it is used with an un-authorized wireless account and inform a user’s emergency contact of its location. WaveSecure locked phones show a permanent message on the screen explaining how to return the phone to its owner. The application also lets users automatically back-up and restore all of the data stored on their phone including text messages and their address book. The WaveSecure mobile service is provided by tenCube, which is primarily located in Singapore. Its mobile technology is currently available in English, Chinese and Indonesian. Following the completion of this proposed acquisition; McAfee expects to broaden language support and couple the service with McAfee’s endpoint protection and cloud capabilities.
The acquisition is expected to close in August of 2010. For additional information, please reference the acquisition landing page at www.mcafee.com
About McAfee, Inc.
McAfee, Inc., headquartered in Santa Clara, California, is the world's largest dedicated security technology company. McAfee is committed to relentlessly tackling the world's toughest security challenges. The company delivers proactive and proven solutions and services that help secure systems and networks around the world, allowing users to safely connect to the Internet, browse and shop the web more securely. Backed by an award-winning research team, McAfee creates innovative products that empower home users, businesses, the public sector and service providers by enabling them to prove compliance with regulations, protect data, prevent disruptions, identify vulnerabilities, and continuously monitor and improve their security. http://www.mcafee.com.
This release contains forward-looking statements, which include those regarding future plans that McAfee has for WaveSecure’s business, McAfee’s expectations regarding the combination of WaveSecure’s products and services with McAfee’s products and services, the expected closing date of the acquisition, McAfee’s expectations as to the opportunities resulting from the acquisition of WaveSecure’s business and McAfee’s plans for the integration of WaveSecure’s products and business. Factors that could cause the actual results or outcomes from the acquisition to be materially different from those anticipated include, among others, the inability to complete the acquisition on acceptable terms, or at all; the inability to integrate successfully WaveSecure within McAfee or to realize synergies from such integration; costs related to the acquisition of WaveSecure; the customer response to, and acceptance of, the combination of WaveSecure's products with McAfee’s products; and the economic environment of the industries in which McAfee and WaveSecure operate. In addition, actual results are subject to other risks and uncertainties that relate more broadly to McAfee’s overall business, including those more fully described in McAfee filings with the SEC, including its quarterly report on Form 10-Q for the quarter ended March 31, 2010 and annual report on Form 10-K for the year ended December 31, 2009. The forward-looking statements contained in this press release are based on information available to McAfee as of the date hereof, and McAfee expressly disclaims any obligation to update any forward-looking statements.
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