Cisco Systems, the San Jose, California–based maker of networking equipment, said Sunday that it has agreed to pay about $1.2 billion to acquire cloud networking company Meraki Inc.
San Francisco–based Meraki, whose financial backers include Sequoia Capital and Google, supplies thousands of clients with cloud-based software used to manage aspects of network infrastructure including Wi-Fi, routing, security, and mobile-devices. Founded by two Massachusetts Institute of Technology doctoral students in 2006, Meraki will expand Cisco’s cloud-based offerings, especially where it concerns midmarket clients.
