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Extreme Networks Is Exploring a Sale as Cisco, Fortinet and NetApp Circle

Networking firm Extreme Networks is exploring a sale after attracting inbound acquisition interest, with Cisco, Fortinet and NetApp named as potential buyers, and its shares jumped about 17% on the news.

jajoy39

Nov 8, 2026 - 09:51

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Network switches in a server rack — Extreme Networks is exploring a sale.

Extreme Networks Is Exploring a Sale as Cisco, Fortinet and NetApp Circle

US networking software and equipment maker Extreme Networks is exploring a sale after attracting inbound acquisition interest, according to people familiar with the matter.

The company, which has a market capitalization of about $3 billion, is working with an investment bank on a sale process after receiving an approach, the sources said. The talks are private and there is no guarantee a deal will happen.

Potential strategic buyers could include Fortinet, Cisco Systems and NetApp, among others, according to the sources. Extreme Networks and NetApp declined to comment, while Cisco and Fortinet did not immediately respond to a request for comment.

Investors moved fast on the news. Shares of Extreme Networks jumped around 17% on Friday, closing at $24.68 after starting the day at $21.05, and the stock is up more than 25% so far this year.

Based in Morrisville, North Carolina, Extreme Networks provides software and equipment that help enterprises manage their wired and wireless networks. The company has built its business around cloud-managed, software-driven networking, with its Extreme Platform ONE offering AI-powered network management.

The business is performing well. In its first fiscal quarter, revenue rose 10% from a year earlier to $341.1 million, software-as-a-service annual recurring revenue grew 22% to $264.7 million, and non-GAAP earnings per share rose 50% to $0.33.

The interest in Extreme Networks comes as networking consolidation continues. In 2025, Hewlett Packard Enterprise closed its $14 billion acquisition of Juniper Networks, a deal that reshaped the enterprise networking market and put pressure on smaller rivals to find scale.

Whether a buyer steps forward, and at what price, is still unknown. But with the company's shares at a year high and its growth accelerating, Extreme Networks has become one of the most closely watched names in enterprise networking.