Author: Jane Edwards|| Date Published: March 19, 2024
Cisco (Nasdaq: CSCO) has closed its proposed $28 billion acquisition of San Francisco-based software company Splunk as part of a push to expand its networking capabilities and security and observability platforms designed to help organizations drive digital resilience while advancing the adoption of artificial intelligence.
The transaction is expected to bring together partner and developer communities focused on fielding new applications, data platform capabilities and AI-powered tools, Cisco said Monday.
Chuck Robbins, chair and CEO of Cisco, said the combination will enable the San Jose, California-based technology company to “revolutionize the way our customers leverage data to connect and protect every aspect of their organization as we help power and protect the AI revolution.”
The completion of the acquisition came days after the European Commission approved the $157-a-share deal, which was first announced in September.
The transaction is expected to be non-GAAP gross margin accretive and cash flow positive in the first fiscal year post-close and non-GAAP earnings per share accretive in the second year.
Splunk’s common stock stopped trading on Nasdaq following the completion of the deal.
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