CSCO Acquires Flip Maker – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/18363/CSCO+Acquires+Flip+Maker++-+Zacks+Tale+of+the+TapePosted on Thursday, March 19th, 2009 | In Stocks to Watch
Cisco Systems Inc. (CSCO) declared today that it has agreed to buy digital camcorder-maker Pure Digital Technologies to enhance its presence in the consumer market.
The leading maker of networking equipment said that it would pay $590 million in stock to acquire Pure Digital’s shares. Cisco also stated that it would pay retention-based incentives of up to $15 million to employees who stay at the acquired company.
“The acquisition of Pure Digital is key to Cisco’s strategy to expand our momentum in the media-enabled home and to capture the consumer market transition to visual networking,” said the senior vice president of Cisco’s Corporate Development and Consumer Groups.
Pure Digital Technologies, which enjoyed runaway success with its Flip Video, Ultra and Mino products, said that it has sold over 2 million cameras.
CSCO is a Zacks #3 Rank (”Hold”) stock.
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