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Cisco spikes AppDynamics IPO

The first tech IPO of 2017 is no more.

AppDynamics, at the 11th hour, has sold to Cisco Systems for a whopping $3.7 billion in cash and assumed equity awards, according to a press release published on Tuesday. The San Francisco-based company, whose tools help businesses spot and fix bugs in their applications, was due to price its IPO on Wednesday night and begin trading on Thursday.

Last minute deal: A source close to the deal says that Cisco and AppDynamics have been in talks for several weeks, but that the final agreement wasn't signed until just a few hours ago. In fact, the senior AppDynamics team was still meeting with IPO investors in Los Angeles as of noon local time this afternoon, at which point they canceled all further meetings and hopped a flight back to San Francisco. At this moment, there are still AppDynamics employees in New York, who had been sent ahead of the Wednesday night pricing.