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Cisco is looking to change its operations as well. However, where HSBC is focused on shedding unneeded assets, the technology company is continuing a string of acquisitions. On Sunday, Cisco said it had agreed to buy San Francisco-based Meraki for $1.2 billion in order to strengthen its cloud computing services.
By acquiring Meraki, the company said in a press release, Cisco will be able to “offer more software-centric solutions to simplify network management, help customers empower mobile workforces, and generate new revenue opportunities for partners.”
This year, Cisco has placed an emphasis on building its cloud computing services branch; since February, the company has made eight acquisitions, including Meraki. Most recently, Cisco purchased Cloupia, a provider of cloud services technology, for $130 million.
The deal is expected to close in the company’s second fiscal quarter.
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