M&A Deal Summary

Cisco Systems Acquires Splunk

On September 21, 2023, Cisco Systems acquired software company Splunk from Silver Lake and Hellman & Friedman for 28.0B USD

Acquisition Highlights
  • This is Cisco Systems’ 88th transaction in the Software sector.
  • This is Cisco Systems’ largest (disclosed) transaction.
  • This is Cisco Systems’ 187th transaction in the United States.
  • This is Cisco Systems’ 111th transaction in California.

M&A Deal Summary

Date 2023-09-21
Target Splunk
Sector Software
Buyer(s) Cisco Systems
Sellers(s) Silver Lake
Hellman & Friedman
Deal Type Add-on Acquisition
Deal Value 28.0B USD
Advisor(s) Qatalyst Partners LP
Morgan Stanley (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Splunk

San Francisco, California, United States
website
Splunk's corporate headquarters in downtown San Francisco, California.
Splunk's corporate headquarters in downtown San Francisco, California.
Splunk is a provider of operational intelligence software used to monitor, report and analyze real-time machine data as well as historical data across your IT infrastructure. Splunk was formed in 2003 and is based in San Francisco, California.

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Buyer(S) 1

Buyer

Cisco Systems

San Jose, California, United States

website


Category Company
Founded 1984
Sector Technology Hardware
Employees83,300
Revenue 51.6B USD (2022)
DESCRIPTION
Entrance to Cisco's corporate campus in San Jose, California.
Entrance to Cisco's corporate campus in San Jose, California.

Cisco Systems designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provides services associated with these products and their use. Cisco provides a broad line of products for transporting data, voice, and video within buildings, across campuses, and around the world. The Company's products are designed to transform how people connect, communicate, and collaborate, and are installed at enterprise businesses, public institutions, telecommunications companies and other service providers, commercial businesses, and personal residences. Cisco was founded in 1984 and is based in San Jose, California.


DEAL STATS #
Overall 221 of 222
Sector (Software) 88 of 88
Type (Add-on Acquisition) 213 of 214
State (California) 111 of 112
Country (United States) 187 of 188
Year (2023) 2 of 3
Size (of disclosed) 1 of 133
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-21 Accedian

Montreal, Quebec, Canada

Accedian is a provider of highly accurate network performance monitoring and assurance solutions. Accedian's software and technology are used by the world’s largest mobile, enterprise, and carrier networks to monitor, test, and ultimately ensure the real-time quality of service (QoS) and quality of experience (QoE) for operators. Accedian Networks was founded in 2004 and is based in Montreal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-21 Isovalent

Cupertino, California, United States

Isovalent builds open-source software and enterprise solutions solving networking, security, and observability needs for modern cloud native infrastructure. Isovalent was founded in 2017 and is based in Cupertino, California.

Buy -

Seller(S) 2

SELLER

Silver Lake

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 102.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Silver Lake is a mega-sized private equity firm focused on a broad range of growth investments in and acquisitions of technology companies. Silver Lake is subdivided into several investing groups including Silver Lake Partners, Silver Lake Sumeru, Silver Lake Waterman, Silver Lake Alpine, and Silver Lake Kraftwerk. Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. Silver Lake Sumeru invests in middle market technology companies with established business models and attractive growth prospects where there is an opportunity to create value through operational transformation. Silver Lake Waterman provides growth capital to later-stage companies in the technology and technology-enabled industries, offering flexible solutions to finance expansion and acquisitions. Silver Lake Alpine is Silver Lake's debt and credit investing arm. Silver Lake Kraftwerk provides growth capital to technology and tech-enabled businesses driving efficiency across the operations, energy, and resources industries. Silver Lake Partners was formed in 1999 is headquartered in Menlo Park, California.


DEAL STATS #
Overall 57 of 58
Sector (Software) 13 of 14
Type (Add-on Acquisition) 18 of 18
State (California) 18 of 18
Country (United States) 45 of 45
Year (2023) 1 of 1
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-17 ProService Hawaii

Honolulu, Hawaii, United States

ProService Hawaii provides HR solutions & also provides bundled solutions include configured HR technology, payroll, scheduling, HR consultations, health benefits management, administrative & risk management, workers’ compensation, 401(k), and regulatory compliance. ProService Hawaii was founded in 1994 and is based in Honolulu, Hawaii.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-02 Endeavor

Beverly Hills, California, United States

Endeavor is a global sports and entertainment company, home to the world’s most dynamic and engaging storytellers, brands, live events, and experiences. Endeavor is comprised of industry leaders including entertainment agency WME; sports, fashion, events, and media company IMG; and premier mixed martial arts organization UFC. The Endeavor network specializes in talent representation; marketing and licensing; content development, distribution, and sales; event management; and a number of direct-to-consumer offerings. Endeavor was incorporated in 1898 and is based in Beverly Hills, California.

Buy $13.0B
SELLER

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 59 of 59
Sector (Software) 9 of 9
Type (Add-on Acquisition) 13 of 13
State (California) 8 of 8
Country (United States) 43 of 43
Year (2023) 1 of 1
Size (of disclosed) 1 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-24 Zendesk

San Francisco, California, United States

Zendesk is a customer service software platform designed to bring organizations and their customers closer together. Zendesk was formed in 2007 and is based in San Francisco, California.

Buy $10.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-05 Baker Tilly

Chicago, Illinois, United States

Baker Tilly is an advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers (New York, London, San Francisco, Los Angeles, and Chicago). Baker Tilly was founded in 1931 and is based in Chicago, Illinois.

Buy -