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As a wholly owned subsidiary of Intel, McAfee will become part of the company's Software and Services Group, run by senior vice president Renee James. McAfee president Dave DeWalt will report directly to James.

McAfee will continue to offer its own branded line of security products and maintain its own customers. The two companies said they're prepping the "first fruits" of their partnership to hit the market later this year.

The need for greater security across a greater array of devices was the driving force behind Intel's bid to pick up McAfee.

Pointing to the growing number of connected devices, from PCs to mobile phones to TVs to medical devices, the two companies have said that today's approach to security isn't enough. And with the mounting threat of cyberattacks, a new security framework that combines hardware, software, and services is needed.