New Relic has Cisco to thank for its best trading day since its debut more than two years ago.
Following Cisco’s announced $3.7 billion acquisition of AppDynamics on Tuesday night, New Relic shares surged 11 percent, closing at $36.85 on Wednesday. The stock has not had such a big run since its initial public offering in December 2014.
“This acquisition provides tremendous validation of the market opportunity in front of us,” New Relic CEO Lew Cirne said in a statement.
