It’s also selling off its Sniffer family of network management software
Network Associates Inc. plans to sell off its Sniffer family of network management software and change its name to McAfee Inc. as part of an effort to cut costs and boost profitability by focusing squarely on security products and services, the company announced yesterday.
Network Associates plans to sell its Sniffer assets for $275 million in cash to Silver Lake Partners and Texas Pacific Group. The private equity firms will turn the Sniffer business into a new, stand-alone company called Network General Corp., which will continue to develop, support and market the products, according to a statement.
The companies expect the sale to close in the third quarter, subject to regulatory approvals, at which time Network Associates will change its name to McAfee. It considers McAfee to be a better known, more powerful brand than Network Associates, said George Samenuk, the company’s chairman and CEO, in a conference call with media and analysts.
News source: Computer World