The Waltham Office Market is Back in the Spotlight After Cisco Acquisition
Cisco Systems (NASDAQ: CSCO) has announced that it will acquire CloudLock for $293 million. CloudLock has thrived in the Waltham office market, garnering attention from numerous tech power players and investors. CloudLock will be acquired by Cisco with a combination of cash and equity. Industry insiders believe that the acquisition will be completed by the early months of 2017.
Cloudlock’s potential is recognized throughout its sector as well as the venture capital community. The company raised around $30 million worth of venture funding from investors like Ascent Venture Partners, Cedar Fund and Bessemer Venture Partners. It is anticipated that Cisco will provide retention-based compensation for CloudLock staffers who make the transition once the acquisition is complete.
Cisco made the news of CloudLock’s acquisition public through a written release. The company’s executives believe that CloudLock will boost its security portfolio. The Waltham office market superstar will also help Cisco expand its “Security Everywhere” strategy that aims to safeguard data all the way from the cloud on to the network and the final destination. The bottom line is that more and more companies are resorting to the cloud for data storage and organization. CloudLock is the type of high-tech partner that will ameliorate the transition to the cloud.
Cisco’s vice president of Corporate Development, Rob Salvagno, stated that his company’s acquisition of the Waltham office market power player will help safeguard user data, apps and all relevant information “in a seamless way”. Salvagno described CloudLock as a company that provides an idiosyncratic platform that is native to the cloud. He stated that CloudLock’s API-centered approach to cloud security will help Cisco generate robust solutions that secure data in a manner that is “simple to manage and easy to deploy”.
CloudLock currently employs about 130 people across the globe. Staffers work in the Waltham office market as well as Tel Aviv, London, Washington D.C. And San Francisco. The Waltham office market company has enjoyed significant revenue spikes in the past couple of years. CloudLock’s revenue jumped from just under $2 million in 2012 to over $13 million in 2015. The company’s cloud-based service has generated sales growth of over 3,500 percent since debuting back in 2011. CloudLock customers range from the United States Army to Whirlpool, Financial Times and HBO.
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