Cisco's Acquisition Binge (1993-2000)
Cisco executed over 70 acquisitions during the dot-com boom to build a comprehensive networking platform, spending billions to add capabilities rather than building organically. The strategy made Cisco the most valuable company in the world by March 2000 at $555 billion market cap. Then the dot-com crash hit, integration challenges surfaced, and Cisco's value plummeted 86% in two years.
Cisco dominated networking equipment but faced massive write-downs and integration nightmares post-crash.
Cisco remained a networking leader but never regained its growth trajectory or platform dominance aspirations.
ServiceNow's $11.6B acquisition spree in 2025 mirrors Cisco's platform-building strategy—betting that breadth beats depth and that integration challenges are manageable. History suggests otherwise.
