According to an announcement, Cisco to acquire Cloud-Security Provider CloudLock $293, Million . Cloudlock helps companies track and control how employees are using cloud services.

Cisco said the deal is final for $293 million including cash and equity. The company agreed to pay extra retention incentives to CloudLock employees who join Cisco.

Largest networking hardware manufacturer believes the acquisition will further enhance its security portfolio. Also, it will boost Cisco’s Security Everywhere strategy. Which means to provide protection from the cloud to the network to the endpoint.

“As companies are migrating to the cloud, they need a technology partner that can speed up 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, in a statement.

“CloudLock brings a unique cloud-native, platform and API-based approach to cloud security. It allows them to build powerful security solutions that are easy to deploy and simple to manage.”

CloudLock is based in Waltham, Massachusetts. Their current strength is150 employees worldwide. They have seen rising revenue growth in recent years. Their revenue grew from $1.7 million in 2012 to $13.2 million in 2015. Sales of its cloud-based service growing over 3,500 percent since it launched in 2011. Its customers include some noteworthy names. Like HBO, Whirlpool Corp., the U.S. Army and Financial Times.

“By joining forces, we could speed up the execution of our vision with greater investments in research and development. The CloudLock CyberLab, partner enablement, and global reach which is far greater than we could have ever achieved on our own.” Said Gil Zimmermann CEO and Co-Founder, CloudLock in a blog post.

The companies expect the deal to close by November.

The new unit will report to senior vice president David Goeckeler. He directed Cisco’s small but growing security business. Later Cisco put him in charge of the company’s massive network hardware business as well.

Source: MeshRepublic