Cisco (NASDAQ: CSCO ) has agreed to acquire privately held SolveDirect, an Austrian-based cloud software and services provider, according to a recent blog post from Hilton Romanski, vice president and head of corporate business development.
SolveDirect's cloud solutions automate the sharing of information and processes for multiple service providers, enhancing efficiencies and reducing the need for manual practices, as per Cisco's blog post. The acquisition will enable Cisco to "extend our portfolio of smart and connected IT services to our global ecosystem of customers, partners, and resellers," according to Romanski.
Specific terms of the deal were not disclosed, though the post states that Cisco intends to acquire a 100% ownership stake in SolveDirect. Mala Anand, Cisco senior vice president of Cisco Service Platform Group, will assume leadership responsibilities when the SolveDirect team is incorporated into Cisco.
The deal is subject to usual closing conditions and regulatory approval and is expected to close in Q4 of Cisco's 2013 fiscal year.