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Greetings Friend!
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Hear the Podcast on WebEx Acquisition
CDO Charles Giancarlo speaks on acquisition: "The combination of Cisco and WebEx will deliver compelling solutions accelerating this next wave of business communications."
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Cisco Acquires WebEx
Acquisition Advances Cisco into Enabling Collaboration in the SMB Market
Today, Cisco announced a definitive agreement to acquire WebEx. WebEx is a market leader in on-demand collaboration applications, and its network-based solution for delivering business-to-business collaboration extends Cisco's vision for Unified Communications, particularly within the Small to Medium Business (SMB) segment.
Early indications are positive, as the stock of each company has elevated in early trading today. Under the terms of the agreement, Cisco will purchase all of the outstanding shares of WebEx for $57 per share- for a purchase price of approximately $3.2 billion, or approximately $2.9 billion net of WebEx's existing cash balance.
The acquisition has been approved by the board of directors of each company and is subject to various standard closing conditions, including approval under Hart Scott Rodino and similar laws outside the U.S.
Cisco believes the network is a platform for all forms of communications and collaboration, and WebEx's technology and services portfolio complement Cisco's leadership in the Unified Communications and collaboration market, while providing Cisco with a new and unique business model to expand its presence in the fast-growing SMB market," reported Giancarlo, CISCO's Chief Development Officer.
"Cisco's global reach and customer focus will help us extend our core web collaboration applications and continue to broaden the services we offer through the WebEx Connect platform," said Subrah S. Iyar, CEO of WebEx.
WebEx's service portfolio includes technologies and services that allow companies to engage in real-time and asynchronous data conferences over the Internet as well as share web-based documents and workspaces that help improve productivity, performance and efficiency of workers in any size organization. WebEx's subscription-based services strategy has been key to its success, and Cisco plans to preserve this business model going forward.
Following the close of the transaction, WebEx will become a part of Cisco's Development Organization while maintaining its unique business model. Mr. Iyar will report directly to Mr.Giancarlo.
WebEx has close to 2200 employees. For FY2006, which ended December 31, 2006, WebEx reported revenues of $380 million.
The acquisition of WebEx is expected to close in the fourth quarter of Cisco's fiscal year 2007.
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