Cisco to buy OpenDNS for $ 635 m to boost security business

Reuters: Cisco Systems Inc said on Tuesday it would buy OpenDNS, a privately held cloud-based security company, for $ 635 million in cash and equity awards to beef up its security business.

Cisco has been buying a number of security companies to boost the business in the face of fast-growing, sophisticated cyber attacks.

OpenDNS provides network security services that block attacks, as well as malware, botnets and phishing threats. Cisco was part of a group that invested $ 35 million in OpenDNS in May last year. (http://bit.ly/1KqDMjV)

The acquisition of San Francisco, California-based OpenDNS is expected to close in the first quarter of fiscal year 2016, Cisco said in a statement.

Cisco bought security advisory firm Neohapsis for an undisclosed sum this year and malware analysis company ThreatGRID in 2014.

The global cyber security market is estimated to grow to $ 170.21 billion by 2020 from $ 106.32 billion in 2015, according to market research firm MarketsandMarket.