Wave Systems Corp. (fka WAVXQ)

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Tech networking firm Cisco says it is acquiring security company Sourcefire in a deal worth $2.7 billion.

In a statement released Tuesday, Hilton Romanski, Cisco's vice president of corporate development, says the Columbia, Md. based company "aligns well" with their broader plans for network security.

"Through our shared view of the critical role the network must play in cybersecurity and threat defense, we have a unique opportunity to deliver the most comprehensive approach to security in the market," says Romanski.

Shares of Sourcefire surged 29% following news of the acquisition. Founded in 2001, the company specializes in network security software for companies and government agencies. It employs more than 650 workers worldwide.
The acquisition is expected to be complete by the second half of this year.