Cisco Systems, Inc. (NASDAQ:CSCO) stock was up on Tuesday following news of a deal to acquire CloudLock.
Cisco is planning to purchase CloudLock, a cloud security company, for $293 million in cash. The deal would have the company become part of CSCO’s Networking and Security Business Group lead by Senior Vice President and General Manager David Goeckeler.
CSCO said that the acquisition of CloudLock will enhance its cloud security efforts and build on its Security Everywhere strategy. The company also said it wants to offer customers the “broadest cloud security protection,” in the industry.
The deal between Cisco and CloudLock still needs regulatory approval, but it’s expected to be completed during the first quarter of 2017.
CSCO shares were up 1% as of Tuesday afternoon.
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