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Tuesday, June 30, 2015

Cisco to purchase OpenDNS for $635 million to boost security business, (NASDAQ: CSCO)

Cisco Systems Inc said on Tuesday it would purchase OpenDNS, a privately held cloud-based security firm, for $635 million, the latest move to boost its security business as cyber attacks increase in number and sophistication.Cisco has been buying a number of security companies, which has made its relatively tiny security business one of its fastest growing in the past two years. OpenDNS uses predictive intelligence to block malware, botnets and phishing threats that antivirus and firewalls miss. Cisco was part of a group that invested $35 million in OpenDNS in May last year. ( global cybersecurity market is estimated to grow to $170.21 billion by 2020 from $106.32 billion in 2015, according to market research firm MarketsandMarkets.

Cisco System, Inc. (Cisco) designs, manufactures, and sells Internet protocol (IP)-based networking products and services related to the communications and information technology (IT) industry. Shares of CSCO fell by 0.49% or $-0.135/share to $27.40. In the past year, the shares have traded as low as $22.49 and as high as $30.31. On average, 24048100 shares of CSCO exchange hands on a given day and today's volume is recorded at 11306310.