US-based technology firm Cisco Systems Inc. stated in a press statement that the acquisition process includes cash and equity, alongside retention based incentives.
After the conditions and regulations met the deal will be closed and the company expects to close the deal in this financial year.
After this acquisition, Cisco plans to deliver next generation data centre innovations to its customers and enhance its computing services.
Rob Salvagno, Vice President of Cisco, said, This acquisition is a meaningful addition to our data center portfolio and aligns with our overall transition to providing more software-centric solutions. Springpaths file system technology will deliver sustainable differentiation in this fast-growing segment.
To launch HyperFlex, which is a hyper converged infrastructure system both Cisco and Springpath has been working together since the beginning of 2016. This acquisition is the result of their partnership, as per press statement.