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McAfee gobbles up MX Logic for cloud security push

Splashes out again with SAAS-y purchase

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McAfee has agreed to buy email and filtering services firm MX Logic for $140m in cash, followed by a further $30m, providing performance targets are met.

The deal - announced Thursday - is designed to bolster McAfee's existing 'security as a service' portfolio. MX Logic's filtering, email archiving and continuity services will be integrated with McAfee's threat intelligence technologies. MX Logic has 40,000 customers and four million end users.

McAfee's existing cloud-based security portfolio includes anti-malware scanning and vulnerability assessment services, among other items. Alongside Panda and Trend Micro, the firm is among the most aggressive players in the security market in talking up the benefits of cloud-based architectures, in responding to the increased volume of malware variants vendors face every day.

The acquisition, which is subject to regulatory approval and other customary closing conditions, in expected to close in Q3 2009. McAfee expects the acquisition of MX Logic to break even or better in 2010.

The MX Logic deal is the latest in a string of purchases by McAfee, which has opened up its cheque book even more frequently than before the economic downturn.

McAfee also announced its Q2 financial results on Thursday. For the second quarter ending June 30, McAfee recorded revenues of $469m, an increase of 18 per cent from the same quarter last year. However, Q2 09 net income fell to $28.7m, compared with $47.8m in Q2 08 as a result of increased charges and adverse currency fluctuations. ®

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