Cisco to acquire cybersecurity company Splunk in $28 bln cash deal

Cisco Systems announced on Thursday its acquisition of the cybersecurity software company Splunk for $157 per share in a cash deal worth about $28 billion, in its largest acquisition ever.

The acquisition that is expected to close in the third quarter of 2024, will help reduce Cisco’s reliance on its massive networking equipment business, which has suffered in recent years from supply chain issues and a post-pandemic slowdown in demand.

Chuck Robbins, Cisco Chief Executive Office, emphasised the importance of artificial intelligence and using the power of Artificial Intelligence (AI) that comes with Splunk’s technology to protect networks.