Cisco has acquired more than 15 companies in the past two years, and Badri previously noted that about 80% of Cisco's acquisitions over the last four years have been software-focused.
Raymond James analyst Simon Leopold said Cisco's M&A strategy will likely focus on smaller software companies as well as "novel technologies that will allow it to differentiate and innovate" such as semiconductors and optics.
The company announced on May 1 that it is buying artificial intelligence developer Accompany Inc. for $270 million in cash and assumed equity awards. Cisco expects the deal to close in the fourth fiscal quarter of 2018.
Earlier this year, Cisco also closed its $1.9 billion-acquisition of calling software company BroadSoft Inc., and acquired IT security infrastructure company Skyport Systems Inc. for an unidentified amount.
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