Cisco Systems Inc. has completed a deal to acquire Quicken Software Engineering Inc., according to a person familiar with the matter.
The transaction will give Cisco more than $2 billion in cash and a majority stake in Quicken, which makes software for Cisco routers and switches.
Quicken was acquired in 2013 by Cisco for $100 million.
Cisco did not immediately respond to a request for comment.
Quicken was a subsidiary of Cisco Systems.
The company’s software and services have included router-management software, networking equipment and wireless services, the person said.
Quickens software was acquired by Cisco in 2014 after Quicken made a significant software investment.
Quickens software includes software that helps Cisco’s routers and other routers, switches and network gear respond to and manage network traffic, the Cisco Systems person said, asking not to be identified because the transaction is private.
The Quicken acquisition is a part of Cisco’s efforts to grow its software business.
The tech giant also has plans to acquire a number of technology companies, including the maker of the software used by the world’s top Internet routers, Intel Corp.
In the past, Cisco has acquired smaller companies that have done work related to software, such as Cisco’s network equipment maker, Broadcom Corp. In 2018, Cisco bought Cisco Systems Corp., and in 2019 it acquired the maker for $4.7 billion.