Cisco buys security firm Sourcefire for $2.7 billion

Cisco Systems Inc. is seeking to extend its network security capability with the $2.7 billion purchase of intrusion detection and prevention company Sourcefire Ltd.

There are some overlaps in security products offered by Cisco (NASDAQ: CSCO) and the 12-year-old Sourcefire (NASDAQ: FIRE) which competes in the next generation firewall market, but Hilton Ramanski, vice-president of corporate development at Cisco said Sourcefire aligns with his company’s vision of security and supports the key pillars of Cisco’s security strategy.

The pending acquisition follows Cisco’s earlier acquisition of Cognitive Security earlier this year.

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Sourcefire was founded by Martin Roesch in 2001 who commercialized the open-source Snort IDS he invented in 1998. The company has about 650 employees and reported $223.1 million in revenue in 2012.

“Cisco’s acquisition of Sourcefire will help accelerate the realization of our vision for a new model of security across the extended network,” said Roesch in a statement.

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