Network equipment giant Cisco on Thursday announced its next big cloud play with a plan to purchase open-source cloud networking and security firm Isovalent to boost its secure networking capabilities across public clouds.
Cisco says its acquisition, expected to close in the third quarter of fiscal year 2024, will build on the company’s AI-driven, cloud-delivered, integrated security platform, “Security Cloud.” The firms did not disclose the purchase price. Isovalent has raised $69 million in funding since launching in 2022, with Cisco and Grafana Labs as notable investors.
