Benzinga | Aug 13, 2021 02:44PM EDT

Cisco To Acquire Israeli Application Monitoring Company Epsagon For ~$500M

* Cisco Systems Inc (NASDAQ:CSCO) intends to acquire Israeli application monitoring company Epsagon. The value of the deal totals $500 million, Globes reports.

* Epsagon, founded by its CEO Nitzan Shapira and CTO Ran Ribenzaft, has offices in New York and Tel Aviv.

* Cisco expects Epsagon to play a vital role in expanding and accelerating its Full-Stack Observability roadmap.

* The Epsagon team will join Cisco's Strategy, Incubation and Applications group following the acquisition closing.

* Cisco held $23.6 billion in cash and equivalents as of May 1.

* Price Action: CSCO shares traded higher by 0.09% at $56.44.