Cisco Bulks Up Cloud Security Portfolio With CloudLock Acquisition | Stock News & Stock Market Analysis

Cisco Systems (CSCO) on Monday announced an agreement to acquire CloudLock, a provider of cloud computing security software, for $293 million in cash and stock.

Waltham, Mass.-based CloudLock sells software that helps large companies protect data as employees and customers access websites via mobile devices or public Wi-Fi networks. CloudLock will become part of Cisco’s networking and security business.

The CloudLock acquisition is expected to close by Oct. 31, Cisco said.

CloudLock utilizes application programming interface (API) management tools to monitor corporate data and provide threat protection.

“As companies are migrating to the cloud, they need a technology partner that can accelerate that transition and deliver critical security capabilities for all their users, apps and data in a seamless way,” Rob Salvagno, a vice president of corporate development for Cisco, said in the company’s press release.

In other cloud security deals, Cisco bought Lancope in December and OpenDNS in June 2015. Its biggest security acquisition was completed in 2013, when it purchased security network vendor Sourcefire for $2.7 billion.

Cisco Systems stock climbed 1.8% to 27.79 by the close on the stock market today, as markets were rebounding a bit after taking a pounding Monday and Friday on Britain’s surprising vote to exit the European Union. The tech-heavy Nasdaq composite index was also up 1.5% Tuesday morning.

View more information: https://www.investors.com/news/technology/cisco-to-buy-cloudlock-adding-to-cloud-security-tools/

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