Cisco Systems Inc. CSCO -1.77% has made a takeover offer worth more than $20 billion for software maker Splunk Inc., SPLK -2.76% according to people familiar with the matter, in what would be the networking giant’s biggest acquisition ever.
The offer was made recently and the companies aren’t currently in active talks, some of the people said.
Should there be a deal, it would eclipse the roughly $7 billion acquisition of Scientific Atlanta in 2005. Its most recent deal of size was its nearly $5 billion purchase of Acacia Communications Inc. in 2021.
Splunk is currently searching for a chief executive after Doug Merritt stepped down from the role in November after roughly six years following a series of disappointing earnings reports. The company named Chairman Graham Smith as interim CEO, a position he still holds.