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Cisco struck a deal to buy cybersecurity firm Splunk for about $28 billion in a bid to increase its AI-based data analysis capabilities.

Cisco has a reputation of building the company through acquisitions, but it has tended to stay away from the really huge ones. With Splunk, it gets an observability platform that could fit nicely into its security business to help customers better understand security threats, while also helping parse oodles of log data to resolve other problems like helping understand system failures or troubleshoot myriad issues across a broad array of enterprise systems. Under the terms of the deal, Cisco is paying a hefty premium of $157 per share.

Cisco said it was acquiring cybersecurity software company Splunk for $157 a share in a cash deal worth about $28 billion.

Networking giant Cisco said it has reached an agreement to acquire unified security and observability platform developer Splunk for roughly $28bn to "drive the next...

The deal will immediately boost earnings—and it provides some new growth options for Splunk.