McAfee makes all-cash deal for Safeboot

McAfee Inc. plans to purchase Safeboot B.V., a provider of mobile data protection technologies, for $350 million in cash. The companies expect to close the acquisition in the fourth quarter.

The acquisition will help the Santa Clara, Calif.-based security technology company boost its capabilities in the multibillion dollar data protection market and better serve the more than 100 million desktops under its management.

The acquisition will enable McAfee to offer a complete data protection solution that combines Safeboot's device, full-disk and content encryption with McAfee's data loss prevention solutions, said Dave DeWalt, McAfee's president and chief executive officer.

"This combination helps advance our security risk management strategy and extend our leadership at the end-point," he said.

Once the acquisition closes, Safeboot's technologies and McAfee's data loss prevention solutions will become the foundation for a new data protection product business unit. George Watzinger, Safeboot's CEO, will lead the unit and report to Dewalt.

Safeboot, based in Naples, Fla., has more than 4,200 customers worldwide.