Cisco is buying the cybersecurity firm Splunk in a $28 billion deal as it bolsters its defenses against potential security threats that may be heightened by the widening use of artificial intelligence.
“Our combined capabilities will drive the next generation of AI-enabled security and observability,” Cisco Chair and CEO Chuck Robbins said in a prepared statement. “From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient.
The boards of both companies approved the acquisition, which is expected to close by the end of 2024's third quarter. It still needs approval from Splunk shareholders. Shares of Cisco Systems Inc. fell nearly 4% in early morning trading on Thursday, while Splunk's stock surged more than 20%.
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Cisco beefs up cybersecurity play with $28 billion Splunk dealCisco's offer price of $157 per share in cash represents a premium of about 31% to Splunk's Wednesday close. 'Combined, Cisco and Splunk will become one of the world's largest software companies and will accelerate Cisco's business transformation to more recurring revenue,' the companies said in a joint statement. Cisco shares were down nearly 5% in premarket, while trading in Splunk stock was halted.
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Cisco to acquire Splunk for $28 billion(Reuters) - Cisco Systems said on Thursday it would acquire cybersecurity company Splunk for about $28 billion. Cisco's offer price of $157 per share ...
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Cisco buying cybersecurity firm Splunk for $28 billion, bolstering defenses as use of AI widensCisco is buying the cybersecurity firm Splunk in a $28 billion deal as it bolsters its defenses against potential security threats that may be heightened by the widening use of artificial intelligence. The Silicon Valley networking tech giant will pay $157 per Splunk Inc. share. “Our combined capabilities will drive the next generation of AI-enabled security and observability,” Cisco Chair and CEO Chuck Robbins said in a prepared statement. “From threat detection and response to threat predictio
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