Security-software company McAfee Inc said yesterday that it is acquiring Colorado-based MX Logic Inc, a privately-held provider of e-mail archiving, continuity and security services, for $170 million.
California-based McAfee said it will pay $140 million upfront for MX Logic, and an additional earn-out of up to an additional $30 million in cash if certain performance targets are met.
The deal follows McAfee's announcement less than two weeks ago that it would be looking to expand its security-as-a-service (SaaS) footprint among enterprises.
''The acquisition of MX Logic will reinforce our position as a leader in security-as-a-service and brings world-class e-mail and web defense, including archiving and business continuity services, extending our proven expertise in providing cloud-based services to our customers,'' said Dave DeWalt, president and chief executive officer, McAfee.
The acquisition is expected to close in the third quarter of 2009, contingent upon regulatory approval and other customary closing conditions.
Following the closing of the proposed acquisition, the MX Logic team will report to the McAfee software-as-a-service business unit, headed by Marc Olesen, senior vice president and general manager.