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Cisco Systems, Inc., announced it has acquired Splunk, a software company specializing in cybersecurity. It has tapped Tidal Partners, a new mergers and acquisitions advisory group that was established last year by David Handler and David Neequaye - former Centerview Partners dealmakers - to be its advisor for the $28 billion acquisition deal.
Tidal Partners is said to be the only financial adviser of Cisco, while Splunk has hired Morgan Stanley and Qatalyst Partners. The companies expect their buyout deal to be completed by the third quarter of 2024, as per CNBC.
With the mentioned amount of $28 billion, Cisco is buying Splunk for a total of $157 per share. The transaction is reportedly a cash deal, and this was confirmed by the San Jose, California-based software developer on Thursday, Sept. 21. The company said this is also its largest-ever acquisition.
"We are excited to bring Cisco and Splunk together. Our combined capabilities will drive the next generation of AI-enabled security and observability," Cisco's chairman and chief executive officer, Chuck Robbins, said in a press release. "From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient."
Gary Steele, Splunk's president and CEO, also commented, "Uniting with Cisco represents the next phase of Splunk's growth journey, accelerating our mission to help organizations worldwide become more resilient while delivering immediate and compelling value to our shareholders."
The Splunk chief added that along with Cisco, they "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." He said they are simply thrilled to have teamed up with its long-time and trusted partner "that shares our passion for innovation and world-class customer experience."
Photo by: Cisco Systems Press Release
