Cisco Systems Inc. announced that they have agreed to buy back the cyber security firm Sourcefire for US$2.7 billion. The acquisition is set to bolster the technology company's security offerings. The purchase of Sourcefire is part of the small acquisitions made by Cisco. The company's target is to evolve into a hardcore information-technology provider. Cisco is taking the shift due to the decline of the traditional network equipment business. Under the terms of the contract, Cisco said that they will pay US$76 per share in cash for each Sourcefire share.
"Sourcefire aligns well with Cisco's future vision for security and supports the key pillars of our security strategy," said Hilton Romanski, vice president of corporate development at Cisco. "Through our shared view of the critical role the network must play in cyber security and threat defense, we have a unique opportunity to deliver the most comprehensive approach to security in the market."
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