Cisco looks set to acquire cloud-computer specialist

Networking specialist Cisco has announced its intent to acquire privately held cloud-computing company Meraki.

Meraki, which is headquartered in San Francisco, California, and has offices in New York, London and Mexico, offers mid-market customers easy-to-deploy on-premise networking systems that can be centrally managed from the cloud.

Under the terms of the agreement, Cisco will pay approximately $1.2bn (£756m) in cash and retention-based incentives to acquire the entire business and operations of Meraki.

The acquisition is expected to close in the second quarter of Cisco’s 2013 fiscal year, subject to customary closing conditions, including regulatory review.