Cisco Systems on Monday announced its massive $28 billion acquisition of Splunk to combine the companies' cybersecurity and observability strengths to build what company executives describe as a distinctive AI-powered data platform. Both companies announced that the project has been completed.
Cisco announced that it completed the all-cash transaction, paying $157 per share, representing a value of approximately $28 billion. The companies announced that trading in Splunk stock on the Nasdaq exchange was suspended prior to the start of trading today.
“As one of the world's largest software companies, we are committed to powering and securing the AI revolution and empowering our customers to use data to connect and secure every aspect of their organizations,” said Chuck Robbins, CEO of Cisco. “We're revolutionizing the way we do things.” statement.
Cisco is expected to integrate Splunk technology across its products, including full stack observability, Extended Detection and Response (XDR), Security Cloud, ThousandEyes, and AppDynamics platforms.
“The integration of Splunk and Cisco brings tremendous value to our joint customers around the world,” said Gary Steele, executive vice president and general manager of Splunk.
Cisco and Splunk have complementary capabilities across AI, security, and observability. “The closing of the acquisition, first announced on September 21 of last year, establishes a foundation that provides unparalleled visibility and insight across an organization's digital footprint,” a joint statement from the companies said.
“We're excited to be partnering with our customers to support their customers,” said Stephen Elliot, group vice president of I&O, cloud operations, and DevOps at International Data Corporation (IDC), in a statement.
Elliott added that with the closing of this transaction, Cisco has created a unique set of solutions for networking, security, and operations managers in the market. “When you add this to investments in channels and AI, customers need to consider the higher level of business value they can now unlock,” he said.
