Cisco announced on Tuesday morning that the company would be acquiring CloudLock for $293 million in cash and assumed equity awards. The deal also includes additional retention-based incentives for CloudLock employees who join Cisco.
Cloudlock is a Massachusetts company but with Israeli roots. It has around 145 employees and was founded in 2007 by three Israelis Gil Zimmermann, Ron Zalkind and Tsahy Shapsa.
The company had raised about $35 million from backers like Bessemer Venture Partners, Salesforce’s venture funds and Boston-based Ascent Venture Partners.
So why does Cisco want this company? CloudLock makes technology that allows companies to watch the security of their apps in the cloud, ensure employees aren’t sharing sensitive data even with cloud apps that are not built or managed by IT.
The company fits into Cisco’s portfolio as it fills out its security offerings to cover more cloud tech.
This makes acquisition number five this year for the company.
Disclaimer: We have no position in Cisco Systems, Inc. (NASDAQ: CSCO) and have not been compensated for this article.