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Cisco Snaps Up Meraki for over $1 Billion

If you didn't put much stock into cloud computing, think again. Cisco Systems has forked out $1.2 billion to acquire Meraki, a 100% cloud-managed networking company. The firm, founded by "three guys" at MIT's Laboratory for Computer Science back in 2006, was approached by Cisco a couple of months back but, according to CEO Sanjit Biswas' memo to employees, were all for continuing alone until last week, when "we felt that joining Cisco was the right path for Meraki."

The deal, which will be subject to the usual regulatory approval, is expected to go through in the first half of next year. Cisco's plan is to turn Meraki into a new Cloud Networking Group, and use the firm's technology to "cloudify" its products.