McAfee is buying smaller IT security rival Secure Computing for $465m in cash.

Secure Computing is best known for its firewall and security appliances product lines but more recently it has been busy on the acquisition front, most recently with a deal to buy user control firm Securify for $20m earlier this month.

Prior to that Secure Computing bought messaging security appliance CipherTrust for $273.6m in July 2006.

According to McAfee, Secure Computing beef up its security risk management capabilities. It is paying $5.75 per share for Secure Computing, a 27 per cent premium on its closing price last week of $4.52.

The deal is expected to close by the end of the fourth quarter this year. ®