Intel this morning released a statement announcing its acquisition of software security company McAfee at a cost of $48 per share, or $7.68 billion. McAfee, which last year brought in more than $2 billion in revenue, has more than 6,000 employees and will operate as a wholly-owned subsidiary, reporting into Intel’s Software and Services Group. Intel CEO Paul Otellini said in a statement that the company now ranks security among its top three priorities, along with connectivity and energy-efficient performace.
"With the rapid expansion of growth across a vast array of Internet-connected devices, more and more of the elements of our lives have moved online," said Paul Otellini, Intel president and CEO.
"In the past, energy-efficient performance and connectivity have defined computing requirements. Looking forward, security will join those as a third pillar of what people demand from all computing experiences. "
Renée James, Intel senior vice president and general manager of Software and Services, said the acquisition will lead to breakthroughs in the security market.
"Hardware-enhanced security will lead to breakthroughs in effectively countering the increasingly sophisticated threats of today and tomorrow," said James.
"This acquisition is consistent with our software and services strategy to deliver an outstanding computing experience in fast-growing business areas, especially around the move to wireless mobility."
"McAfee is the next step in this strategy, and the right security partner for us," she added. "Our current work together has impressive prospects, and we look forward to introducing a product from our strategic partnership next year," he added.
Both boards of directors approved the acquisition, which will be complete once it is approved by McAfee shareholders, and the various different regulatory bodies that have to give these kinds of deals the once over.