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Security software maker Network Associates is changing its name to McAfee Inc. and selling its network and application performance application division, Sniffer, for $275 million in cash to private equity firms Silver Lake Partners and Texas Pacific Group.
The two firms will form a new company, Network General Corp. that will support, develop, and sell the Sniffer network management software line, executives said on a conference call Thursday night.
When the transaction is complete, which is anticipated to occur in the third quarter of this year, Network Associates name will be legally changed to McAfee Inc. George Samenuk, Network Associates chairman and CEO, says the name change will help the company "leverage more effectively one of the most recognized brands n the security industry."
The McAfee division is well known for its anti-virus and desktop utility software.
The company also said it expects to report revenue of $217 million when it announces first quarter results next Tuesday.