Cisco closes $28bn acquisition of Splunk as it bets on AI

Date:
Tue, 19 Mar 2024 15:00:42 +0000

Description:
Cisco prepares for the future of artificial intelligence and beyond by unlocking powerful insights with multi-billion dollar Splunk acquisition.

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Cisco has confirmed successful completion of its acquisition of California-based software company Splunk as part of a massive $28 billion deal.

With the deal, Cisco says it hopes to redefine the digital landscape by providing more valuable insights across an organizations entire digital footprint, while also boosting cybersecurity threat defense and enhancing operational resilience.

Cisco, with its market cap or around $198 billion, hopes that its acquisition of Splunk will make it one of the largest software companies globally. Cisco $28bn buyout of Splunk

At the core of the deal is Ciscos belief that companies must connect and protect everything that they do, including people, places, applications,
data, and devices.

The company's announcement affirms that customers will be able to expect better security, observability, networking, economics, and even AI.

Cisco CEO Chuck Robbins expressed enthusiasm for the deal, highlighting its potential to transform data utilization: We will revolutionize the way our customers leverage data to connect and protect every aspect of their organization as we help power and protect the AI revolution.

Together, we will deliver unparalleled visibility and real-time insights across an organizations entire digital footprint allowing our customers to tackle their most complex challenges while unlocking new opportunities.

The transactions details reveal Ciscos commitment to future growth. Under the terms of the agreement, Cisco acquired Splunk for $157 per share in cash, representing an equity value of around $28 billion. The move is said to be in preparation for customers to consume next generation applications securely, hinting at what lies beyond AI.

Splunk EVP and GM Gary Steele added: The combination of Cisco and Splunk will provide truly comprehensive visibility and insights across an organizations entire network and digital footprint, delivering an unprecedented level of resilience through the most extensive and powerful security and observability product portfolio on the market. More from TechRadar Pro Boost your cybersecurity with the best endpoint protection software and best firewalls
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Link to news story: https://www.techradar.com/pro/cisco-closes-acquisition-of-splunk


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