Splunk (NASDAQ: SPLK) will soon add a new asset to its portfolio. The company announced it has reached an agreement to acquire BugSense, a privately held firm it describes as "a leading analytics solution for machine data generated by mobile devices." The terms of the deal were not made public.
In the press release heralding the news, Splunk said having BugSense in its fold "will enhance the ability of Splunk customers to analyze machine data directly from mobile devices and correlate it with other machine-generated data to gain operational intelligence."
Splunk said the purchase will be funded from cash on hand, and is expected to close during its Q3 2014. At the end of Q2, its most recent quarter, the company had $347 million in cash and cash equivalents.
Fool contributor Eric Volkman has no position in Splunk, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.