McAfee is to buy SafeBoot for $350 million to broaden its software catalogue into encryption and access control for enterprises.
The acquisition of SafeBoot will expand McAfee's risk management services, the company said. SafeBoot focuses on the large-business and mobile security markets.
SafeBoot, a private company based in the Netherlands, will be a "strong complement" to McAfee's existing offerings, McAfee said in a press release. The data protection market is "highly under-penetrated," the company added.
McAfee plans to integrate SafeBoot's encryption products with its Data Loss and ePolicyOrchestrator management products, McAfee said. Encryption can be tailored for all sizes of McAfee customers, from individuals to large businesses, McAfee said.
Following the deal's close, SafeBoot's technologies and McAfee's Data Loss Prevention software will become the foundation for a new Data Protection business unit, McAfee said.
SafeBoot sells to over 4,200 customers, including more than 150 listed in the Fortune 500. About 47 percent of its customer base is in Europe, the Middle East and Africa, 29 percent in North America, and 23 percent in the Asia-Pacific region.
The SafeBoot Data Protection Suite enables users to encrypt individual files and folders, as well as the entire local hard drive.
The companies expect the acquisition to close in the fourth quarter. The deal is subject to regulatory approval.