Cisco Systems shares climb following latest acquisition
Investing.com
Published Aug 22, 2017 01:57PM ET
Cisco Systems shares climb following latest acquisition
Investing.com - Shares of Cisco Systems Inc (NASDAQ:CSCO)s were holding steady on Tuesday with investors reacting to the company’s agreement to acquire Springpath for $320 million in cash and additional retention-incentive awards.
Springpath has developed hyper-converged software that enables enterprises to more easily manage their compute resources in 'cloud-like' environments.
Cisco has been working with Springpath since early 2016. The acquisition is expected to close in the first quarter of Cisco's 2018 fiscal year, which runs until Oct. 28.
Cisco's shares were up 2% in afternoon trade.
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Written By: Investing.com
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