Cisco is Buying Splunk for $28 Billion. Here's What Splunk Does

The company’s name reflects the act of burrowing deep down into the Earth to explore caves — the adventure of data spelunking.

It marks a victory for Splunk CEO Gary Steele, who joined last year from the cybersecurity firm Proofpoint Inc., which he founded and served as CEO. The union would combine the power of data and AI to “transform the industry,” he said in a statement. Splunk’s share price soared on the news, up 21% just after noon in New York. He will report to Cisco CEO Chuck Robbins going forward.

Splunk’s other offering is so-called observability, meaning it uses technology to help customers see and understand whether their applications are secure and performing as they should be. For instance, someone searching a retail site will be connected to a web server that provides them with the product page. Another computer in the background might check on internal inventory and another might calculate the shipping time.

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Cisco beefs up cybersecurity play with $28 billion Splunk dealCisco's offer price of $157 per share in cash represents a premium of about 31% to Splunk's Wednesday close. 'Combined, Cisco and Splunk will become one of the world's largest software companies and will accelerate Cisco's business transformation to more recurring revenue,' the companies said in a joint statement. Cisco shares were down nearly 5% in premarket, while trading in Splunk stock was halted.
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Cisco to acquire Splunk for $28 billion(Reuters) - Cisco Systems said on Thursday it would acquire cybersecurity company Splunk for about $28 billion. Cisco's offer price of $157 per share ...
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