CISCO Systems has agreed to buy cybersecurity firm Splunk for about US$28 billion in its biggest-ever deal to beef up its software business and capitalise on the rising use of artificial intelligence.
The deal will help reduce Cisco’s reliance on its massive networking equipment business, which has suffered in recent years from supply chain issues and a post-pandemic slowdown in demand. Cisco offered US$157 in cash for each share of Splunk, representing a 31 per cent premium to the company’s last closing price.
