MENLO PARK, Calif.--(BUSINESS WIRE)--Symphony Technology Group (“STG”), a leading Menlo Park-based private equity firm focused on investing in the software, data, and analytics sectors, today announced that upon the closing of STG’s acquisition of FireEye Products, McAfee Enterprise and FireEye Products will be combined and FireEye’s Bryan Palma will become the Chief Executive Officer of the combined company. Additionally, Ian Halifax, who recently joined McAfee Enterprise as Chief Financial Officer, will become CFO of the combined entity.
The combination of McAfee Enterprise and FireEye Products will immediately create a pure play, cybersecurity market leader with more than 40,000 customers, 5,000 employees, and nearly $2B of revenue. The new company’s integrated security portfolio protects customers across endpoints, infrastructure, applications, and in the cloud. STG anticipates combining the two companies during the fourth quarter of 2021.
“Cyber risk is the number one threat facing modern organizations and we are excited to advance our growing portfolio of cybersecurity companies. Given Bryan and Ian’s respective experiences leading transformations, we are thrilled to partner with them to unlock value in the cybersecurity market,” said William Chisholm, STG Co-Founder and Managing Partner.
Palma joined FireEye as Executive Vice President of FireEye Products in February 2021. Partnering closely with Kevin Mandia, FireEye’s CEO, he helped define the future for the FireEye Products business, revamped the business’s product strategy, and led the eventual sale to STG for $1.2B.
“I am energized to lead the integration of McAfee Enterprise and FireEye Products into the next chapter of our shared journey,” said Palma. “Our customers need an integrated security platform powered by artificial intelligence, machine learning, and automation. We have an incredibly talented team of security professionals who will work tirelessly to deliver this outcome for our customers.”
Palma is recognized for his ability to accelerate top and bottom-line growth, drive strategy to execution, build diverse teams, and improve customer experience. Relentlessly focused on delivering rapid growth, he has owned P&Ls up to $8B and led thousands of salespeople, engineers, developers, and consultants. Most recently, he served as BlackBerry’s President and Chief Operating Officer, Cisco’s Senior Vice President and General Manager of Americas Customer Experience, and Boeing’s Vice President of Cyber and Security Solutions. Palma holds a Bachelor of Arts from the University of Richmond, Master of Education from the University of Maryland, and Master of Business Administration from Duke University’s Fuqua School of Business.
Halifax joins from Riverbed Technology where he was CFO and drove the company to record profitability. Over the last twenty years, he has transformed the financial operations and performance of numerous software and cloud technology companies and has led the successful acquisition and divestiture of multiple businesses. Halifax has served as CFO of both public and private technology companies, including Wind River Systems, Macrovision (now TiVo), Micromuse, and Grass Valley. He holds a Bachelor of Arts from the University of York and Master of Business Administration from Henley Management College in the UK. He is a member of the Institute of Chartered Accountants in England and Wales and the American Institute of Certified Public Accountants.
This press release contains forward-looking statements, including statements related to the closing of STG’s acquisition of FireEye Products, the combination of McAfee Enterprise and FireEye Products, and appointments of Palma and Halifax with the combined company. Readers should not place undue reliance on such forward-looking statements, which are based upon beliefs and information as of the date of this release. These forward-looking statements are subject to change as a result of new information, future events, or other circumstances and are expressly qualified in their entirety by this cautionary statement. In addition, these forward-looking statements are made as of the date hereof and STG specifically disclaims any obligation or intention to update the forward-looking statements to reflect events that occur or circumstances that exist after the date of this release.
Symphony Technology Group (STG) is a private equity partner to market leading companies in data, software, and analytics. The firm brings expertise, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market leading portfolio companies, STG seeks to create sustainable foundations for growth that bring value to the companies with which it partners. The firm is dedicated to transforming and building outstanding technology companies in partnership with leading management teams. STG’s expansive portfolio has consisted of more than 35 global companies. For more information, please visit www.stgpartners.com.