end of an era

McAfee to buy Secure Computing

San Jose, Calif.-based McAfee Inc. said Monday it agreed to buy Secure Computing Corp. for $5.75 per share in cash, or about $413-million. Secure’s preferred stocks will also be redeemed for cash, adding another $84 million to the value of the deal.

That price appears to be a 25% premium on yesterday’s close; not too shabby. I should have held my 16 shares a few months longer :-).

When Secure Computing purchased Border Network Technologies in 1996, the stock was on it’s way down from almost $60, but still worth about 5 times this current sale price. After Secure closed the Toronto office in 1998 (and we formed the company that I still technically work for :-), the stock poked above $20 a couple of times before starting a long, slow slide into oblivion.

I can’t say I’m terribly sad to see them go; frankly, I’m surprised the company has lasted as long as it has. They always seemed more focused on the technology, and one thing that working at HP has taught me is that the technology is the easiest part of the job!

On the other hand, I wish all of the people there I still know continued success over at McAfee…

posted at 10:01 am on Tuesday, September 23, 2008 in Personal | Comments Off on end of an era

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