IT company
Cisco is to buy cybersecurity solutions provider
Sourcefire. The company will pay $76 per share in a cash deal that analysts suggest is in the region of $2.7 billion. The board of directors of each company have approved the deal, which is expected to be completed in the second half of 2013. Cisco and Sourcefire will operate as independent companies until completion, when Sourcefire employees will move to the Cisco Security Group.
Established in 2001, Sourcefire is based in Columbia, Maryland, USA. The company went public in 2007 and employs around 650 people globally. It reported profits of $223.1 million in 2012, a 35% increase on the same period the previous year. Sourcefire's suite of automated security products includes firewalls, malware protection and intrusion prevention solutions.
Cisco's purchase means the company will absorb personnel and research teams with a firm background in security, who will enhance the company's security strategy of "defending, discovering, and remediating" threats. Cisco and Sourcefire's efforts will be combined to further develop advanced threat protection solutions designed for the cloud.
"The notion of the ‘perimeter' no longer exists and today's sophisticated threats are able to circumvent traditional, disparate security products," explained the Senior Vice President of Cisco Security Group, Christopher Young. "Organizations 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."
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