On September 21, 2023, Cisco announced its acquisition of Splunk for $28 billion USD (approximately $37.52 billion CAD) in cash at $157 USD per share (approximately $210.38 CAD). The transaction received unanimous approval from both companies' boards and was completed on March 18, 2024. Following the acquisition, Splunk's President and CEO, Gary Steele, joined Cisco's executive leadership team.

This strategic move aimed to bolster Cisco's capabilities in AI, cybersecurity, and observability, thereby enhancing services for Canadian businesses. Both Cisco and Splunk have significant operations in Canada, with Cisco investing in digital infrastructure and Splunk expanding its presence in Toronto.

Legal advisors for the deal included Simpson Thacher & Bartlett LLP for Cisco, and Skadden, Arps, Slate, Meagher & Flom LLP for Splunk. McCarthy Tétrault LLP also acted as counsel to Splunk.