Cisco Acquires Splunk for $28B to Boost AI-Enabled Security

– Cisco to acquire Splunk for $28 billion in its biggest deal ever.

The deal is aimed at furthering Cisco's move to develop the next generation

next generation of AI-enabled security and observability solutions

Splunk's technology helps businesses monitor and analyze their systems for cybersecurity risks and other threats

Cisco hopes to cut down on its decades-long reliance on networking equipment manufacturing

and solidify its cybersecurity and AI commitments with this acquisition

– The deal is expected to close by the end of the third quarter of 2024.

– Cisco CEO Chuck Robbins said the deal will "drive the next generation of AI-enabled security and observability."

– Splunk CEO Gary Steele said the deal represents "the next phase of Splunk's growth journey."

– Cisco's largest previous deal was the $7 billion purchase of Scientific-Atlanta in 2006.

– The global SIEM market is projected to reach $5.5 billion by 2025.

– SIEM users still face many challenges, such as adding new data to SIEM tools and detecting unknown threats.