ritchie58 Posted January 6, 2011 Report Share Posted January 6, 2011 Network security company Sourcefire is acquiring Immunet, a cloud-based anti-malware start-up, for $21 million in cash, the companies announced today. The acquisition expands the cloud-based offerings for Sourcefire, creator of the open-source Snort intrusion detection technology. Columbia, Md.-based Sourcefire said it will not lay off any of Immunet's full-time staff, which is based in Palo Alto, Calif. Sourcefire paid $17 million at the closing of the deal and will pay $4 million during the next 18 months dependent on product delivery milestones, the companies said in a statement. Immunet Chief Executive Oliver Friedrich co-founded SecurityFocus, which Symantec acquired in 2002, and Secure Networks, which McAfee bought in 1998. The acquisition announcement comes on the heels of news yesterday that Dell is acquiring SecureWorks. Originally Posted: Insecurity Complex by Elinor Mills Link to comment Share on other sites More sharing options...
ritchie58 Posted January 6, 2011 Author Report Share Posted January 6, 2011 So what does this takeover mean to users of Immunet? Are there going to be any changes to the software that Sourcefire will implement? Is Immunet going to remain the cloud AV that we've come to trust and rely on? Or will the new powers that be radically change things to suit their own agenda? I hope not. Some legitimate concerns from one Immunet user. Link to comment Share on other sites More sharing options...
ritchie58 Posted January 6, 2011 Author Report Share Posted January 6, 2011 Here is the press release from Sourcefire: Sourcefire Announces Acquisition of ImmunetExpands Cloud-based Security Infrastructure COLUMBIA, Md., Jan 05, 2011 (BUSINESS WIRE) -- Sourcefire, Inc. (Nasdaq: FIRE), the creator of Snort and a leader in intelligent cybersecurity solutions, today announced the acquisition of Immunet, a leading provider of advanced cloud-based anti-malware technologies. The acquisition expands Sourcefire's security solutions portfolio - adding an advanced cloud platform for delivery of malware protection - and extending the company's real-time detection and prevention leadership to the cloud. Immunet combines the collective intelligence of a growing user community, the speed of cloud computing, advanced data mining, and machine learning technologies to provide a groundbreaking approach to cybersecurity. This acquisition immediately enables Sourcefire to provide endpoint protection from client-side attacks and Advanced Persistent Threats (APT). The cloud-based platform also enables innovative approaches to reputation services, data loss prevention and forensics. Combined with Sourcefire's next generation network intrusion prevention system (IPS), customers get the most comprehensive protection against today's threats from cloud to core. "Immunet is a disruptive innovator in delivering cloud-based security solutions with over 750,000 users in 192 countries," said John Burris, CEO of Sourcefire. "This acquisition enables Sourcefire to accelerate our cloud initiatives and provides significant value to customers by protecting them against advanced client-side attacks. Immunet's technologies build upon Sourcefire's reputation for providing customers with innovative solutions that protect them from the latest threats." Sourcefire will retain all fulltime Immunet personnel, including founders Oliver Friedrichs, Alfred Huger and Adam O'Donnell. Immunet employees will join Sourcefire within the Office of the CTO. "Sourcefire is the perfect company to accelerate Immunet's path to market," said Oliver Friedrichs, Immunet Founder and CEO. "Sourcefire secures organizations and individuals worldwide with advanced network security technology. Adding an internet-scale, advanced cloud platform catapults Sourcefire into a leadership position in endpoint protection as well." The addition of Immunet further builds Sourcefire's position as a leading provider of intelligent cybersecurity solutions, following its Next-Generation Intrusion Prevention System (NGIPS), Next-Generation Firewall (NGFW) and Razorback announcements in 2010. Financial Overview of Transaction The total acquisition price is $21 million in cash, which included $17 million paid at closing and $4 million expected to be paid over the next 18 months upon achievement of product delivery milestones related to the enterprise version of Immunet's product. Immunet has a subscription-based business model and is expected to grow bookings at a rapid pace in 2011, though its contribution to revenue is expected to be minimal over the same time period. With expenses being recognized on an as incurred basis, Sourcefire currently expects Immunet to be dilutive to 2011 adjusted net income per diluted share by approximately $0.10. Adjusted net income per share is a non-GAAP financial measure and excludes stock-based compensation expense and amortization of acquisition intangibles and assumes an effective tax rate of 35%. The acquisition is expected to be at least neutral to adjusted net income per diluted share in 2012 and accretive thereafter. Sourcefire plans to provide information on the expected impact on GAAP net income per diluted share after it has completed the valuation analysis related to the acquisition. Conference Call and Webcast On Wednesday, January 5, 2011 at 5:00 p.m. Eastern Time, Sourcefire will host a conference call to discuss the acquisition of Immunet, preliminary fourth quarter results and initial 2011 outlook. A listen-only web cast of the session and a presentation will be available at investor.sourcefire.com. Those wishing to participate in the live session should use the following numbers to dial in: Calling from the United States or Canada: 800-510-9834 Calling from other countries: 617-614-3669 Pass code: 90680366 An online replay will be available at investor.sourcefire.com following the completion of the live call and will remain available for at least 90 days. About Sourcefire Sourcefire, Inc. (Nasdaq:FIRE), is a world leader in intelligent cybersecurity solutions. Sourcefire is transforming the way Global 2000 organizations and government agencies manage and minimize network security risks. Sourcefire's IPS, Real-time Network Awareness and Real-time Adaptive Security solutions equip customers with an efficient and effective layered security defense - protecting network assets before, during and after an attack. Through the years, Sourcefire has been consistently recognized for its innovation and industry leadership by customers, media and industry analysts alike - with more than 50 awards and accolades. Today, the name Sourcefire has grown synonymous with innovation and network security intelligence. For more information about Sourcefire, please visit www.sourcefire.com. SOURCEFIRE, Sourcefire IPS, SNORT, RAZORBACK, the Sourcefire logo, the Snort and Pig logo, SECURITY FOR THE REAL WORLD, SOURCEFIRE DEFENSE CENTER, SOURCEFIRE 3D, RNA, RUA, DAEMONLOGGER, CLAMAV and certain other trademarks and logos are trademarks or registered trademarks of Sourcefire, Inc. in the United States and other countries. Other company, product and service names may be trademarks or service marks of others. About Immunet Immunet was founded in July 2008 by AntiVirus industry veterans to address a sweeping shift in the Internet threat landscape. Immunet utilizes the latest advances in computing, including cloud computing, collective intelligence, data mining and machine learning. Immunet Protect 2.0 is a free Cloud Antivirus download that provides real-time protection from over 14 million threats daily. www.immunet.com, follow Twitter @immunet or visit the Immunet Facebook Fan Page. Cautionary Language Concerning Forward-Looking Statements The statements in this press release that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Sourcefire, Inc. may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, the risks that we will not be able to successfully integrate the acquisition into our business or that we will not otherwise achieve the anticipated benefits of the transaction, and also include, without limitation, those risks and uncertainties described from time to time in the reports filed by Sourcefire, Inc. with the U.S. Securities and Exchange Commission. Sourcefire, Inc. undertakes no obligation to update any forward-looking statements. SOURCE: Sourcefire, Inc. Media Contacts Welz & Weisel Communications Tony Welz, 703-218-3555 x226 Principal tony@w2comm.com or Sourcefire, Inc. Gena Fiegel, 443-430-7039 Director, Marketing Communications gfiegel@sourcefire.com or Investor Contact ICR, Inc Staci Mortenson, 203-682-8273 Staci.mortenson@icrinc.com Link to comment Share on other sites More sharing options...
Zulfikar Posted January 7, 2011 Report Share Posted January 7, 2011 Hi Ritchie, Thanks for your question. I know that there can definitely be some apprehension about an acquisition and the prospect of changes. From our perspective, this move will be a very positive one for all of our users. We felt that there was tremendous synergy with Sourcefire -- both from a technical and cultural perspective. Immunet and Sourcefire have been partners for some time, and we found that we complement each other really well. The entire Immunet team is collectively joining Sourcefire and will continue to be on the same team (working as a cohesive unit) there. We are all very excited about it. The way we look at it, our vision for the product and our internal plans haven't changed materially, but we now have the support and backing of a larger organization. If anything, the extra resources that we have as part of the acquisition will enable us to focus on the vision and aim to realize it sooner. I hope this post allays some of our concerns. We have made incredible progress in the last few months, and we're continuing to build some really amazing technology for protecting our community from threats. Zulfikar Link to comment Share on other sites More sharing options...
davemc@mail.com Posted January 7, 2011 Report Share Posted January 7, 2011 ...wow... Link to comment Share on other sites More sharing options...
ritchie58 Posted January 7, 2011 Author Report Share Posted January 7, 2011 Thank you for the post Zulfikar. I was a little taken aback when I lerarned of the acquisition from a post a CNET's InSecurity Complex. Why an announcement was not made at this forum or downloaded to the GUI is a little puzzling to me. You did dispel my needless fretting and I hope you are correct when you say that with the merger Immunet will have more resources at the ready for further R&D which would be a great thing. I hope that means version 3 is going to be rolled out that much sooner. I'm excited to see what improvements are implemented! Link to comment Share on other sites More sharing options...
duncan Posted January 7, 2011 Report Share Posted January 7, 2011 congratulations..... 21 mill , I wudn mind dat.. Link to comment Share on other sites More sharing options...
dallas7 Posted January 7, 2011 Report Share Posted January 7, 2011 I hope this post allays some of our concerns. Well, not really... While we're all very happy for you, all we've heard is "this will be really really great." We have heard nothing about the product itself. Just off the top of my head: • Will you market one version and will it be Immunet or ClamAV? • Will you continue the current same-but-different model, an Immunet and a ClamAV? • What will be the future of BitDefender's extension in the paid versions? Continued? Immunet only? Or Immunet and ClamAV? IMHO, you should have ONE branded product. I've been running Free since v1 (except for the v2 beta licenses period) and right now the ClamAV Beta on two systems. The only reason why I'm not making a purchase is... I don't know which one to buy! Inquiring users need to know. Thanks! Link to comment Share on other sites More sharing options...
emmjay Posted January 8, 2011 Report Share Posted January 8, 2011 Congratulations to all the employees at Immunet for creating a product that has delivered a solid offering and has attracted a legacy player. You deserve the financial backing that this acquisition has brought you. Your success has not come without the support of this community. I would hope that you acknowledge that. We have played a small part in your success and I believe it has been very beneficial to you. I have the paid version on two systems and I also use the free version on XP. As a client I assume that the manner in which Immunet is delivered will not change much in the short term, however it is highly probable that it will change when your partner finalizes their marketing plan. No doubt the acquisition will address a larger client base. May I suggest you keep those of us on this side of the railway tracks informed, be it good news or bad. Link to comment Share on other sites More sharing options...
Guest Ken Posted January 9, 2011 Report Share Posted January 9, 2011 So what does this takeover mean to users of Immunet? Are there going to be any changes to the software that Sourcefire will implement? Is Immunet going to remain the cloud AV that we've come to trust and rely on? Or will the new powers that be radically change things to suit their own agenda? I hope not. Some legitimate concerns from one Immunet user. Yes, other than Immunet not working, what other changes are in store? Link to comment Share on other sites More sharing options...
ritchie58 Posted January 10, 2011 Author Report Share Posted January 10, 2011 I bet Ken the Guest's computer was already infected with malware prior to installation of Immunet. That would explain it not working for him as a lot of malware will render one's security applications inoperable. Another possibility is incompatible software. Link to comment Share on other sites More sharing options...
Guest Ken Posted January 10, 2011 Report Share Posted January 10, 2011 I bet Ken the Guest's computer was already infected with malware prior to installation of Immunet. That would explain it not working for him as a lot of malware will render one's security applications inoperable. Another possibility is incompatible software. Ken the guest has been using Immunet since this past spring, I changed over from Panda Cloud, and I touted Immunet on CNET as being superior. I was member 200 and some thousand. I ran Immunet with AVG, a program that Immunet said was compatible. And yes I did upgrade to AVG 2011. I run AVG scans weekly, and I ran Immunet scans frequently. I also back up scanned with Malwarebytes occasionaly just to be sure and safe. I run 2 PC's side by side and have been running with the above set up since May or June with NO issues. Now yesterday I was not the only person with issues with Immunet. Check the other posts. So if I suddenly have paralyzing malware on my system, Immunet has failed me and the others with the same issue. Link to comment Share on other sites More sharing options...
Guest Orlando Posted January 10, 2011 Report Share Posted January 10, 2011 Ken the guest has been using Immunet since this past spring, I changed over from Panda Cloud, and I touted Immunet on CNET as being superior. I was member 200 and some thousand. I ran Immunet with AVG, a program that Immunet said was compatible. And yes I did upgrade to AVG 2011. I run AVG scans weekly, and I ran Immunet scans frequently. I also back up scanned with Malwarebytes occasionaly just to be sure and safe. I run 2 PC's side by side and have been running with the above set up since May or June with NO issues. Now yesterday I was not the only person with issues with Immunet. Check the other posts. So if I suddenly have paralyzing malware on my system, Immunet has failed me and the others with the same issue. See my last post here: http://forum.immunet.com/index.php?/topic/610-scan-now-disabled/page__pid__3453#entry3453 Orlando Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.