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NAI wants rest of McAfee.com

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Network Associates wants to buy the 25 per cent of McAfee.com it doesn't already own, in a stock deal worth approx. $208.2 million

This values McAfee.com at $18.64 per share, or about 20 per cent more than their closing price of $15.54.

The aim of the acquisition is to remove confusion over Network Associates business units and to streamline Network Associates operations, NAI chief executive George Samenuk.

In January McAfee.com reported Q4 revenues of $18.6 million up $6.5 million from the same period the year before. Net income for the fourth quarter of 2001 was $904,000.

McAfee's revenue for the full year, during which it made a loss of $854,000 as it expanded its business, was $62.0 million.

A quarter of a million people signed up to McAfee.com over the quarter, giving it a paid subscriber base of 1,345,000 people, the firm said.

Network Associates is focusing on anti-virus, help desk and networking monitoring tools after abandoning its ambitions to offer a complete security and systems management suite. The downturn in the tech economy forced NAI to restructure its operations and focus on the most profitable parts of its business, spurring it seek buyers for its PGP desktop encryption and Gauntlet firewall product lines.

NAI sold gauntlet to Secure Computing in February but it has found it much harder to find a buyer for its well-regarded PGP desktop encryption suite.

Earlier this month, Network Associates wrote to customers informing them that it was ceasing development on PGP Desktop. While promising to honour existing support contracts, it said no bugfixes or updates would be issued. ®

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