SAN JOSE, CA--(Marketwired - Jun 28, 2016) - Cisco (NASDAQ: CSCO) announced today its intent to acquire CloudLock Inc., a privately held cloud security company based in Waltham, Massachusetts. 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, including SaaS, IaaS and PaaS. 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.
More data, more devices, and the increasingly decentralized way companies do business means that security has to evolve beyond an on-premises approach. CloudLock helps customers accelerate their cloud adoption by delivering security built specifically to meet the realities of today's cloud-first enterprise. CloudLock's CASB technology helps customers understand and monitor user behavior and sensitive data in cloud applications, providing greater visibility, compliance and threat protection regardless of whether these applications are fully sanctioned by IT or not.
"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," said Rob Salvagno, vice president of Cisco Corporate Development. "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."
Today's acquisition will help accelerate Cisco's cloud security portfolio, and extend the cloud security offering throughout the enterprise. Together, we plan to offer the industry's broadest cloud security protection and enable our customers to realize the benefits of the mobile-cloud era.
The CloudLock team will join Cisco's Networking and Security Business Group under Senior Vice President and General Manager David Goeckeler. Under the terms of the agreement, Cisco will pay $293 million in cash and assumed equity awards, plus additional retention-based incentives for CloudLock employees who join Cisco. The acquisition is expected to close in the first quarter of fiscal year 2017, subject to customary closing conditions.
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This press release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including the expected completion of the acquisition and the time frame in which this will occur, the expected benefits to Cisco and its customers from completing the acquisition, and plans regarding CloudLock personnel. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, among other things, the potential impact on the business of CloudLock due to the uncertainty about the acquisition, the retention of employees of CloudLock and the ability of Cisco to successfully integrate CloudLock and to achieve expected benefits, business and economic conditions and growth trends in the networking industry, customer markets and various geographic regions, global economic conditions and uncertainties in the geopolitical environment and other risk factors set forth in Cisco's most recent reports on Form 10-K and Form 10-Q. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.
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