Thursday July 24, 2014

Cisco to buy cloud firm Meraki for $1.2 billion

Cisco Systems will acquire privately held cloud-networking firm Meraki for $1.2 billion.

MarketWatch is reporting that Cisco Systems has announced plans to acquire privately held cloud-networking firm Meraki for $1.2 billion in cash and retention-based incentives. The networking-equipment giant expects to close the deal by the end of its fiscal second quarter on Jan. 31. Cisco senior vice president Rob Soderbery remarks, “The acquisition of Meraki enables Cisco to make simple, secure, cloud-managed networks available to our global customer base of mid-sized businesses and enterprises.”

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