Cisco, the networking giant primarily located in San Jose, California has made it official that it is buying Cloud Security provider CloudLock for $293 million. CloudLock is a service provider which helps Corporate CIOs track and control how the employees are using the services on a cloud platform.
As per the press briefing from the networking giant, the deal is locked at $293 million and includes cash and equity.
Coming to the employees, Cisco has agreed to pay a retention incentive for all CloudLock employees joining the largest networking hardware manufacturer.
Market analysts feel that the new acquisition will help boost Cisco’s Security Everywhere strategy to a large extent. The strategy has a simple logic and that is to protect the users from cloud to the network and then to the endpoint.
CloudLock is based in Massachusetts and has a current headcount of 150 employees working on a worldwide note. Since, its launch in 2011, CloudLock has seen a 3,500 percent growth. Its customers include high profile companies like HBO, Whirlpool, US Army and Financial Times.
The main idea of CloudLock to join forces with Cisco is to have investments in research and development. If funding is done at the right time, CloudLock’s innovative research team is said to develop unique cloud native, platform, and API which could help in fixing major cloud security vulnerability to a major extent in future.
After the acquisition gets completed in end of November this year, the new unit will report to senior VP David Goeckeler. David was the man behind Cisco’s small but growing security business. Later he took charge of the company’s massive network hardware business.
Currently, CloudLock offers a powerful suite of cloud security services and solutions based on Industry, Compliance and Role. Its partners include Amazon Web Services, Google, FireEye, IBM Security, Box, Centrify, Dropbox, SalesForce, Vmware Airwatch, Slack and Microsoft.
