Cisco to Acquire Cloud Services Provider SolveDirect

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.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2332966, ~/Articles/ArticleHandler.aspx, 12/20/2014 4:36:22 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement