Cisco announced its intent to acquire CloudLock for $293 million.
CloudLock is a privately held cloud security company based in Waltham, Massachusetts. It specializes in cloud access security broker (CASB) technology that provides enterprises with visibility and analytics around user behavior and sensitive data in cloud services, including SaaS, IaaS and PaaS.
Under the terms of the agreement, Cisco will pay $293 million in cash and assumed equity awards, plus additional retention-based incentives for CloudLock employees who join Cisco.
The acquisition is expected to close in the first quarter of fiscal year 2017, subject to customary closing conditions.
The CloudLock team will join Cisco’s Networking and Security Business Group under Senior Vice President and General Manager David Goeckeler.
“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,” said Rob Salvagno, vice president of Cisco Corporate Development.
The networking giant expects this acquisition will further enhance its security portfolio.