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.
The offer was made recently, the people said. It isn’t clear where things currently stand.
Should there be a deal, it would be Cisco’s biggest ever, eclipsing 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.