McAfee Inc earlier this month acquired TunnelBear Inc, a Toronto-based virtual private network service provider. No financial terms were disclosed. TunnelBear was founded in 2011 by CEO Ryan Dochuk and CTO Daniel Kaldor. McAfee, a U.S. device-to-cloud cybersecurity company, said the acquisition represents a strategic investment in its consumer business. Last April, U.S. private equity firm TPG Capital acquired a majority stake in McAfee from Intel Corp, a deal that valued the former company at US$4.2 billion. Thoma Bravo joined as a minority investor.
McAfee Closes Acquisition of TunnelBear, Enhancing Its Advanced Cybersecurity Portfolio to Protect Consumers from Device to Cloud
New Acquisition Helps Accelerate Profitable Growth of McAfee’s Consumer Business
March 08, 2018
SANTA CLARA, Calif.–(BUSINESS WIRE)–McAfee, the device-to-cloud cybersecurity company, today announced the close of its acquisition of TunnelBear, a leading consumer VPN company, for an undisclosed amount.
As the risks of connecting to public Wi-Fi grow, people are becoming more aware of the security implications. Recent McAfee survey data revealed that 58% of respondents know how to check if a Wi-Fi network is safe to use, but less than half take the time to do so, and only 19% currently own a personal VPN solution. This highlights the need for a solution that addresses the wants of consumers and partners who understand that security must be built in from the start.
The acquisition of TunnelBear gives McAfee a world-class technology and business that strategically aligns with its vision of protecting what matters most to its customers, including online behavior, personal data and sensitive information. Combining TunnelBear’s secure network with an intuitive interface will help keep customers’ data secure on public Wi-Fi and web browsing private from advertisers with the ability to block intrusive ads.
“TunnelBear has built an engaging and profitable direct-to-consumer brand, and we’re confident this acquisition will serve both our end users and partners by embedding its best-in-class, hardened network into our Safe Connect product,” said Christopher Young, chief executive officer, McAfee. “This investment is strategic for McAfee’s consumer business as it further showcases our commitment to help keep our customers’ online data and browsing private and more secure at a time when the threat landscape is growing in volume, speed and complexity.”
“McAfee’s acquisition of TunnelBear is an exciting opportunity for our company. TunnelBear will continue to develop the products our customers have come to love, now with the backing and resources of a leading cybersecurity company,” said Ryan Dochuk, co-founder, TunnelBear. “McAfee shares our passion to help everyone browse a more secure and private internet. The acquisition provides us with the resources to develop our service, expand into new regions, and continue leadership of privacy and security practices in the VPN industry.”
The move comes a little over two months after McAfee, closed on its acquisition of Skyhigh Networks, further demonstrating its commitment to being one of the world’s leading device to cloud cybersecurity companies.
McAfee is the device-to-cloud cybersecurity company. Inspired by the power of working together, McAfee creates business and consumer solutions that make our world a safer place. By building solutions that work with other companies’ products, McAfee helps businesses orchestrate cyber environments that are truly integrated, where protection, detection and correction of threats happen simultaneously and collaboratively. By protecting consumers across all their devices, McAfee secures their digital lifestyle at home and away. By working with other security players, McAfee is leading the effort to unite against cybercriminals for the benefit of all. www.mcafee.com
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Photo courtesy of TunnelBear Inc