Cisco [CSCO] intends to acquire cloud security firm CloudLock Inc. for $293 million, Cisco said Tuesday.
CloudLock specializes in cloud access security broker (CASB) technology that provides enterprises with visibility and analytics around user behavior and sensitive data in cloud services. The services includes Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS).
CloudLock helps customers speed up cloud adoption by delivering security built to meet cloud-first enterprises and the CASB technology helps customers understand and monitor user behavior and sensitive data in cloud applications.
“The acquisition will further enhance Cisco’s security portfolio and build on Cisco’s Security Everywhere strategy, designed to provide protection from the cloud to the network to the endpoint,” the company said in a statement.
“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, vice president of Cisco corporate development, said in a statement.
“CloudLock brings a unique cloud-native, platform and API-based approach to cloud security, which allows them to build powerful security solutions that are easy to deploy and simple to manage,” he added.
CloudLock is set to join Cisco’s networking and security business group, working under senior vice president and general manager David Goeckeler. Under the agreement terms, Cisco will pay the $293 million in cash and assumed equity awards plus additional retention-based incentives for CloudLock employees who choose to join Cisco.
The acquisition is expected to be completed in the first quarter of 2017.