Reported 8 months ago
Cybersecurity software firm Magenta is in discussions with Elliott Investment Management for a financial boost amid declining revenues and liquidity issues. The company, formerly known as McAfee Corp.'s enterprise business, is facing creditor factions involving Elliott and other lenders. A cash injection is crucial for Magenta, which Moody's Ratings downgraded due to challenges in generating positive cash flow and reversing revenue declines since its 2021 buyout. Magenta operates under Trellix and Skyhigh Security segments, with ongoing negotiations between the lenders and Magenta advisers for fresh funds.
Source: YAHOO