Cisco has snapped up unified security and observability platform developer Splunk for roughly $28 billion, claiming it will enable it to “drive the next generation of AI-enabled security and observability.”
The deal is expected to close in the third quarter of 2024, pending regulatory approval and other customary closing conditions, including acceptance by Splunk’s board.
The deal’s announcement comes roughly a year after Cisco reportedly put down a takeover offer for Splunk worth more than $20 billion.
Cisco CEO Chuck Robbins said: “From threat detection and response to threat prediction and prevention, we will help make organisations of all sizes more secure and resilient.”
IN HIS STATEMENT, Splunk CEO Gary Steele said that the combined companies will “form a global security and observability leader that harnesses the power of data and AI to deliver excellent customer outcomes and transform the industry.”
“We’re thrilled to join forces with a long-time and trusted partner that shares our passion for innovation and world-class customer experience, and we expect our community of Splunk employees will benefit from even greater opportunities as we bring together two respected and purpose-driven organisations,” he added.
According to the statement, Steele will stay on board as part of Cisco’s executive leadership team and report to Robbins.
