Cybersecurity firm FireEye is selling its products business and name to private equity firm Symphony Technology Group for $1.2 billion in cash

U.S.-based cybersecurity firm FireEye announced Wednesday that it’s selling its products business, including the FireEye name, to a consortium led by private equity firm Symphony Technology Group for $1.2 billion in cash. The transaction is expected to close by the end of the fourth quarter of 2021, subject to customary regulatory approvals and closing conditions.

According to the announcement, the sale will split Mandiant Solutions, its cyber forensics unit, from its cloud security, network and email products.

“[The] sale will separate FireEye’s network, email, endpoint, and cloud security products, along with the related security management and orchestration platform, from Mandiant’s controls-agnostic software and services, enabling both organizations to accelerate growth investments, pursue new go-to-market pathways, and focus innovation on their respective solutions,” the company said in a statement.

The FireEye Products business and Mandiant Solutions will continue to operate as a single entity until the transaction closes, allowing management and STG to develop a successful transition of the FireEye Products business to a standalone entity within the STG portfolio.

Founded in 2004 by Ashar Aziz and Zheng Bu, FireEye offers a single platform that blends innovative security technologies, nation-state grade threat intelligence, and world-renowned Mandiant consulting. With this approach, FireEye eliminates the complexity and burden of cyber security for organizations struggling to prepare for, prevent, and respond to cyber attacks. FireEye has over 10,100 customers across 103 countries, including more than 50 percent of the Forbes Global 2000.

In December of last year, FireEye was the subject of a cyberattack which the company believes was state-sponsored. Microsoft in February credited the company’s transparency about the breach in helping it discover that had also been attacked.

FireEye CEO Kevin Mandia said the sale will help it grow its Mandiant Solutions business.

“We believe this separation will unlock our high-growth Mandiant Solutions business and allow both organizations to better serve customers,” said FireEye Chief Executive Officer Kevin Mandia. “After closing, we will be able to concentrate exclusively on scaling our intelligence and frontline expertise through the Mandiant Advantage platform, while the FireEye Products business will be able to prioritize investment on its cloud-first security product portfolio. STG’s focus on fueling innovative market leaders in software and cybersecurity makes them an ideal partner for FireEye Products. We look forward to our relationship and collaboration on threat intelligence and expertise.”