Cisco snaps up IT security firm

City A.M. Reporter
CISCO Systems yesterday revealed plans to purchase cybersecurity company Sourcefire for $2.7bn (£1.76bn), a deal set to spark more acquisitions as large vendors seek to profit from demand for IT security.

Cisco, which has been seeking targets to boost its network security business, said the deal “fits perfectly” with its plans.

“We will not rest until we are the number one security partner for our customers, hands down,” said security boss Chris Young.