Buyout firm Warburg Pincus has bolstered its team, adding former McAfee Inc. technology boss George Kurtz as an executive-in-residence, Reuters reported Wednesday. Kurtz resigned as worldwide chief technology officer at McAfee last month. He had been with the Internet security firm since 2004, when Foundstone Inc., an IT security solutions provider that he led, was acquired by McAfee, Reuters wrote.
(Reuters) – Private equity firm Warburg Pincus said on Tuesday it would be joined by former McAfee Inc technology boss George Kurtz in its latest bid to shore up its presence in the sector by recruiting senior industry executives.
Kurtz joins Warburg’s ranks as an “executive in residence,” a chief executive-in-waiting position in which he will be sponsored by the New York-based firm and be expected to eventually lead one of its portfolio companies.
“We are pleased that George has joined the firm as an executive in residence, where he will be helping us identify and evaluate new opportunities in the information security sector,” said Patrick Severson, a managing director in Warburg Pincus’ technology, media and telecom (TMT) group.
Kurtz resigned as worldwide chief technology officer at McAfee last month. He had been with the Internet security firm since 2004, when Foundstone Inc, an IT security solutions provider that he led, was acquired by McAfee.
His appointment follows the recruitment of Charles Carmel, Cisco Systems Inc’s top dealmaker, poached by Warburg in August to boost its TMT team.
Another Warburg “entrepreneur in residence,” James Toffey, a former Thomson Financial Inc executive who founded Tradeweb Markets LLC in 1997, set up financial software firm Benchmark Solutions with the private equity firm’s backing after he joined it in 2008.
Thomson Financial Inc was a division of Thomson Corporation, which became the patent company of Reuters News in 2008 with the creation of Thomson Reuters Corp , .
Since its founding in 1966, Warburg has invested over $13.5 billion in TMT companies, including investments in U.S. software maker BEA Systems Inc, Bharti Airtel Ltd India’s top mobile operator, and Dutch cable operator Ziggo.
Earlier this month, Warburg led the $1 billion takeover of Internet cloud services firm Endurance International Group from private equity outfit Accel-KKR.
But the company has not been as prominent of late in TMT dealmaking as peers such as Blackstone , TPG and technology specialist Silver Lake, which have joined the high-profile race for Yahoo Inc .