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Sourcefire announces acquisition of Immunet

January 2011 by Emmanuelle Lamandé

Sourcefire, Inc., announced the acquisition of Immunet, a provider of advanced cloud-based anti-malware technologies.

Immunet combines collective intelligence, cloud computing, advanced data mining, and machine learning technologies. 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.

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.

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.

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