Cisco has been partnering with Simplivity, a company with a similar offering.
What these companies offer is a software solution that combine local storage (flash drives attached to the hosts in a virtualized environment) into a distributed storage appliance. Cisco's previous attempt to sell a storage solution, by acquiring Whiptail, crashed and burned.
The only reason I can think of to pick SpringPath rather than one of the leaders in this area is because they're cheap. So it's not an expensive bet for Cisco to make. But they've been burned before by trying to build a storage solution without sufficient commitment or maturity.