Waiting for Google’s acquisition, Mandiant posted increased sales and net loss in the first quarter

Mandiant, a cybersecurity vendor that Google will officially buy for $ 5.4 billion later this year, reported quarterly sales of $ 130 million for the three months to March 31, up 13% year-over-year. ..

Still, the Mandiant, based in Reston, Virginia, continued to lose money. The company had a net loss of $ 96.7 million in the first quarter of 2022, compared to $ 50.6 million in the year-ago quarter.

The company’s annual recurring revenue was $ 287 million, up 22% from the end of the first quarter of 2021. Meanwhile, $ 400 million in deferred revenue increased 43% from the end of the first quarter of 2021. Tuesday press release.

Google is buying Mandiant for $ 5.4 billion for its current customer base and growth potential as part of Google’s bid to enhance its internal cybersecurity resources.

Assuming the transaction has been approved by the regulatory agency, Google’s acquisition of Mandiant is expected to be completed by the end of this year.

Mandiant quoted a pending sale to Google and did not host a conference call on Tuesday, but provided details and comments on the first quarter figures.

The company also said in a press release that it would not update its second-quarter 2022 financial guidance or full-year 2022 financial guidance.

With the purchase of Mandiant, the Google Cloud platform will be able to offer end-to-end security solutions to its customers, opening up billions of new business opportunities for Google.

CRN previously reported that Mandiant executives and directors could earn $ 196.9 million in total stock, options and severance pay if Google’s takeover offer was passed.

Sources 1/ https://Google.com/ 2/ https://www.crn.com/awaiting-google-takeover-mandiant-posts-q1-sales-gains-increasing-net-loss The mention sources can contact us to remove/changing this article

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