mcafee-tunnelbear

McAfee Acquires VPN Provider Company TunnelBear

By: Sunder Singh
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McAfee announced that it has acquired Canada-based virtual private network (VPN) company TunnelBear. Terms of the deal were not disclosed.

Founded in 2011, Toronto-based TunnelBear has gained a solid reputation for its fun, cross-platform VPN app that uses quirky bear-burrowing animations to bring online privacy to the masses.

The company claims around 20 million people have used its service across mobile and desktop, while a few months back it branched out into password management with the launch of the standalone RememBear app.

TunnelBear for Chrome

TunnelBear for Chrome

Founded in 1987, McAfee is one of the most established brands in the online security realm and is arguably best known for its desktop antivirus software. The company was acquired by Intel in 2010 for a mammoth $7.7 billion. It later became known as Intel Security Group before being spun out last year as an independent company, with Intel retaining a 49 percent share in the business.

This latest deal represents McAfee’s second acquisition as an independent company, after it bought cybersecurity provider Skyhigh Networks back in November.

TunnelBear hadn’t taken on any known outside funding, so McAfee is unlikely to have broken the bank over this acquisition. However, TunnelBear had also previously revealed that it is profitable, so was likely in position to wait until the offer was right.

McAfee already offers a VPN service called Safe Connect, and it seems McAfee plans to leverage TunnelBear’s “hardened network” there. VentureBeat has also confirmed with McAfee that it plans to keep the TunnelBear brand and standalone apps alive.

source: venturebeat.com

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