Cisco Systems Inc. (NASDAQ: CSCO) continues to push further into cloud computing, along with almost every other large tech company in the world. It announced it would by start-up Meraki Inc. for $1.6 billion.
Cisco Systems reported:
Meraki technology offers customers Wi-Fi, switching, security and mobile device management centrally managed from the cloud. Meraki solutions support BYOD, guest networking, application control, WAN optimization, application firewall and other advanced networking services.
Meraki was founded by members of MIT's Laboratory for Computer Science. Meraki combines a high-velocity software development methodology with a tightly linked inside sales and channel model that will form the new Cloud Networking Group.
Shares of Cisco Systems ended last week at $17.99 but are up slightly in premarket trading to $18.00. The 52-week range is $14.96 to $21.30. Analysts have a mean price target of $21.69 on the shares, indicating potential upside of about 17.4%.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Mergers & Acquisitions, Technology Companies Tagged: CSCO