Cisco To Boost Security Portfolio With CloudLock Acquisition
Zacks Investment Research | Jun 30, 2016 09:17PM ET
In a bid to expand its security portfolio, Cisco Systems (NASDAQ:CSCO) recently announced its plans to acquire a cloud-based security company, CloudLock, for $293 million in cash and stock.
Cisco expects the acquisition to close in the first quarter of fiscal 2017, subject to customary closing conditions. CloudLock will be incorporated into Cisco's networking and security business group under the leadership of senior vice president and general manager, David Goeckeler.
Waltham, MA-based CloudLock provides a cloud platform that offers online security solutions for business users. CloudLock uses application programming interface (API) management tools to let enterprises apply and monitor security on documents and other content that they share and store in cloud-based applications. It works with major platforms, such as Amazon (NASDAQ:AMZN) AWS, Google (NASDAQ:GOOGL) Apps and Microsoft's (NASDAQ:MSFT) Office 365, among a plethora of other apps and software.
In 2015, the company's revenues totaled to $13.2 million. It has about 130 employees, with offices in San Francisco, Washington D.C., London and Tel Aviv.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.