Cisco Completes Acquisition of Springpath
SAN JOSE, CA--(Marketwired - Sep 22, 2017) - Cisco (NASDAQ: CSCO) announced today that it has completed its acquisition of Springpath, Inc., a Sunnyvale-based leader in hyperconvergence software. Springpath has developed a distributed file system purpose-built for hyperconvergence that enables server-based storage systems. The acquisition allows Cisco to continue to deliver next-generation data center innovation to its customers, and aligns with its overall transition to providing more software-centric solutions.
Cisco's acquisition of Springpath is the culmination of the long-standing strategic relationship between the two companies, having worked together since 2016 to launch and deliver HyperFlex, the industry's first fully integrated hyperconverged infrastructure system.
The acquisition will allow Cisco to continue to grow its computing business, enabling more customers to realize the benefits of simple and economic software-defined infrastructure. As part of Cisco, it will serve as a meaningful addition to Cisco's data center portfolio and will help Cisco provide simplicity and agility to its data center customers.
Cisco acquired Springpath for $320 million in cash and assumed equity awards, plus additional retention-based incentives.
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This press release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the acquisition allowing Cisco to continue to deliver next-generation data center innovation to its customers, aligning with its overall transition to providing more software-centric solutions, and allowing Cisco to continue to grow its computing business, enabling more customers to realize the benefits of simple and economic software-defined infrastructure, the expected benefits to Cisco and its customers from completing the acquisition, and plans regarding Springpath personnel. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due a variety of factors, including, among other things, the potential impact on the business of Springpath due to the uncertainty about the acquisition, the retention of employees of Springpath and the ability of Cisco to successfully integrate Springpath and to achieve expected benefits, business and economic conditions and growth trends in the networking industry, customer markets and various geographic regions, global economic conditions and uncertainties in the geopolitical environment and other risk factors set forth in Cisco's most recent reports on Form 10-K and Form 10-Q. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.
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