Market Overview

FireEye Announces Acquisition Of Mandiant, Offers Q4, FY14 Outlook

FireEye (Nasdaq: FEYE), the leader in stopping today's advanced cyber attacks, announced today that it has acquired privately held Mandiant, the leading provider of advanced endpoint security products and security incident response management solutions. The acquisition, which recognizes the ever-increasing intensity of cyber attacks and follows nearly two years of collaboration, creates the industry's leading advanced threat protection vendor with the ability to find and stop attacks at every stage of the attack life cycle. The transaction closed on December 30, 2013.

The acquisition was approved by the shareholders of Mandiant and the boards of directors of both companies. Under the terms of the merger agreement, FireEye will issue an aggregate of 21.5 million shares and options to purchase shares of FireEye stock and pay approximately $106.5 million of net cash in the transaction to the former Mandiant security holders. In addition, FireEye granted certain performance-based retention equity incentives.

Webcast and Conference Call Information

FireEye will host a live webcast with slides to discuss the transaction on January 2, 2014 at 2:00 P.M. Pacific time (5:00 P.M. Eastern time). The webcast may be accessed from the Investor Relations section of the FireEye website at http://investors.FireEye.com. Additionally, interested parties may access an audio-only conference call by dialing toll free 1-877-312-5521 within the U.S., or 1-678-894-3048 from international locations.

FireEye separately announced preliminary revenue and billings results for the fourth quarter and year ended 2013. Total fourth quarter revenue is expected to be in the range of $55 to $57 million, compared with previous guidance of $52 to $54 million. Total revenue for 2013 is expected to be between $159 and $161 million, compared with previous guidance of $156 to $158 million. Total fourth quarter billings are expected to be in the range of $95 to $100 million, compared with previous guidance of $82 to $86 million. Total billings for the year are expected to be between $254 and $259 million, compared with previous guidance of $240 to $245 million.

The company expects to release final fourth quarter and full year 2013 results after the market close on February 11, 2014.

Additionally, the company updated guidance ranges for 2014 billings and revenue to reflect the acquisition of Mandiant, which closed on December 30, 2013. Total revenue for 2014 is now expected to be within the range of $400 to $410 million, compared with the previous expected range of $240 to $250 million. Total billings for 2014 are now expected to be within the range of $540 to $560 million, compared with the previous expected range of $350 to $370 million.

FireEye's prior guidance ranges were included with the announcement of the company's third quarter 2013 financial results on November 7, 2013.

Posted-In: News Guidance

 

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