Cisco to buy cloud computing firm Meraki for $1.2 billion

  • Cisco, the world's biggest maker of networking equipment, is to acquire the cloud computing company Meraki for $1.2 billion.

    Meraki offers services that enable firms to manage their networks using the Internet.

    In recent years, Cisco has been looking to expand into cloud computing, which allows users to store and manage data over the Internet as opposed to traditional hardware.

    Meraki's services are used by more than 10,000 companies.

    "The acquisition of Meraki enables Cisco to make simple, secure, cloud managed networks available to our global customer base of mid-sized businesses and enterprises," Rob Soderbery, senior vice president, Cisco Enterprise Networking Group said in a statement on Monday."Meraki's solution was built from the ground up optimized for cloud, with tremendous scale, and is already in use by thousands of customers to manage hundreds of thousands of devices," he added.