 Cisco announced bumper quarterly profits last month |
US technology giant Cisco Systems is to acquire web conferencing company WebEx in a deal worth $3.2bn (�1.66bn). Shares in Nasdaq-listed WebEx, which specialises in systems that enable online group meetings, soared by more than 24% on the news.
Cisco said the move would boost its presence in the online business communications market.
Cisco reported a 40% leap in quarterly profits last month, boosted by demand for video downloading.
"As collaboration in the workplace becomes increasingly important, companies are looking for rich communications tools to help them work more effectively," said Cisco chief development officer Charles Giancarlo.
"The combination of Cisco and WebEx will deliver compelling solutions accelerating this next wave of business communications."
Shares in Cisco, which makes routers and switches that direct data over computer networks, were down 0.12% in early trading on the Nasdaq exchange.
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