Cisco is set to acquire Sourcefire for $2.7 billion (£1.7 billion).
Cisco has announced a definitive agreement to purchase the intrusion prevention vendor that was named as SC Magazine's Global Security Company of the Year at the 2013 SC Awards. The two companies will combine their products, technologies and research teams to provide continuous and pervasive advanced threat protection across the entire attack continuum, according to Cisco.
Cisco said that the acquisition of Sourcefire will add deep security DNA to its offering and accelerate delivery of its security strategy of defending, discovering and remediating advanced threats. The deal is expected to close during the second half of 2013, subject to customary closing conditions and regulatory reviews.
The acquisition has been approved by the board of directors of each company and under the terms of the agreement, Cisco will pay $76 per share in cash in exchange for each share of Sourcefire and assume outstanding equity awards for an aggregate purchase price of approximately $2.7 billion, including retention-based incentives.
Christopher Young, senior vice president of the Cisco Security Group, said: “The notion of the 'perimeter' no longer exists and today's sophisticated threats are able to circumvent traditional, disparate security products. Organisations require continuous and pervasive advanced threat protection that addresses each phase of the attack continuum.
“With the acquisition of Sourcefire, we believe our customers will benefit from one of the industry's most comprehensive, integrated security solutions - one that is simpler to deploy, and offers better security intelligence.”
Martin Roesch, founder and chief technology officer of Sourcefire, who will be Cisco's vice president of secutity strategy, said: “Cisco's acquisition of Sourcefire will help accelerate the realisation of our vision for a new model of security across the extended network.
“We're excited about the opportunities ahead to expand our footprint via Cisco's global reach, as well as Cisco's commitment to support our pace of innovation in both commercial markets and the open source community.”