McAfee has acquired the Finnish network security specialist, Stonesoft, for $389m after securing approval from the Finnish Ministry of Employment and the Economy.
Following the acquisition, Stonesoft will be a part of McAfee group, while its products and technologies will be included in the company’s portfolio.
McAfee president Michael DeCesare said that the acquisition provides the company with a clear competitive advantage in the network security space.
"With the addition of one of the industry’s best next-generation firewalls, we now have one of the most complete and effective network security portfolios in the industry," DeCesare added.
According to a report, the enterprise network security equipment market is expected to increase at a compound annual growth rate (CAGR) of 7% during the next five years and reach $11.4bn by 2017.
With the addition of Stonesoft, McAfee expects to strengthen its position in the security technology market as well as address the increasing demands of its customers.
Stonesoft founder and CEO, Ilkka Hiidenheimo, said: "With innovative technology that can be deployed as an appliance, as software or virtually, McAfee’s customers will be positioned to meet the high-performance needs of demanding, secure, distributed networks today and in the future."
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