Cisco buys cybersecurity firm Splunk for $28 billion, bolstering defenses as AI expands

Cisco buys cybersecurity company Splunk for $28 billion, bolstering defenses as AI expands

Cisco has purchased cybersecurity firm Splunk in a $28 billion deal, because it strengthens its defenses in opposition to potential safety threats that could be exacerbated by the rising use of synthetic intelligence.

The Silicon Valley tech big can pay $157 for every Splunk Inc. share.

“Our mixed capabilities will drive the following technology of AI-powered safety and observability,” Chuck Robbins, Cisco chairman and CEO, mentioned in a ready assertion. “From risk detection and response to risk prediction and prevention, we’ll assist make organizations of all sizes safer and resilient.”

The boards of administrators of each corporations have authorised the acquisition, which is anticipated to shut by the top of the third quarter of 2024. It nonetheless wants approval from Splunk shareholders.

Shares of Cisco Methods Inc. fell. by greater than 4% earlier than the market opened on Thursday, whereas Splunk inventory was up practically 22%.

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