Cisco to buy WebEx for $2.9b
Cisco Systems Inc. (CSCO.O) said it will buy online videoconferencing company WebEx Communications Inc. (WEBX.O) for $2.9 billion. The deal, worth $3.2 billion including WebEx's existing cash, would be Cisco's biggest acquisition since the network equipment maker bought cable set-top box maker Scientific-Atlanta for $7 billion last year. This highlights Cisco's expansion from its main business of making routers to an increasing focus on "unified communications," which bundle mobile, Internet and other services into a single system.
WebEx CEO, Subrah Iyar, will report to Giancarlo, SVP, Chief Development Officer
and President, Cisco-Linksys LLC., once the transaction is completed.
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