Networking equipment company Cisco Systems Inc (CSCO.O) said it will buy privately held cloud networking company Meraki for $1.2 billion in cash as part of its cloud and networking strategy.
Cisco said the acquisition of Meraki, which was founded by members of MIT's Laboratory for Computer Science, is expected to close in the second quarter of Cisco's 2013 fiscal year and is subject to regulatory approval.
(Reporting by Nicola Leske)
Trending On Reuters
HSBC Holdings Plc is shutting its private banking unit in India, marking the exit of another foreign bank from the cut-throat wealth management business in Asia's third-largest economy. Full Article