Mergers and Acquistions News
Categories: Hardware
September 22nd 2008, 15:03PM
Computer networking technology firm Cisco Systems has agreed an acquisition deal to purchase internet messaging (IM) service Jabber from Webb Interactive Services.
The financial details of the takeover have yet to be revealed, but the process is expected to be completed during the first six months of Cisco's 2009 fiscal year.
At that time, Webb believes it should be in the position to pay a cash dividend of $0.32 (£0.17) a share to its stockholders.
Cisco has engaged in numerous major acquisitions in recent years, most notably in 2003 when it purchased Linksys.
It currently employs approximately 66,000 people and generated $39 billion in revenue last year.
In an article on ITProPortal.com, writer Steve Gold questioned why Cisco would like to purchase Jabber, claiming the decision left him "baffled".
"There's no profit in mainstream IM," he remarked. "No-one pays for IM. No, I'll rephrase that - no-one needs to pay for IM."
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