Network equipment manufacturer Cisco has agreed to buy cloud computing venture Meraki for US$1.2bn.
Meraki, formed in 2006 by MIT students, was funded by Sequoia Capital and Google.
It offers networking solutions managed from the cloud.
Cisco will pay…
Network equipment manufacturer Cisco has agreed to buy cloud computing venture Meraki for US$1.2bn.
Meraki, formed in 2006 by MIT students, was funded by Sequoia Capital and Google.
It offers networking solutions managed from the cloud.
Cisco will pay the sum in cash plus retention-based incentives.
Cisco has been particularly active in M&A this year – this deal marks its ninth purchase in 2012.
The acquisition is expected to close in the second quarter of 2013 subject to customary closing conditions, including a regulatory review.
