Network equipment maker Cisco Systems Inc. said Thursday it completed the purchase of Nuova Systems, a startup focused on the development of products for the data center market.
In August 2006, Cisco announced its initial investment in Nuova. Prior to this week's acquisition, Nuova operated as a majority-owned unit of Cisco, which had invested $70 million and owned 80 percent of Nuova.
Last month, Cisco said it would buy out the rest of the company.
The final purchase price will be based on Nuova's performance through fiscal 2011, with the minimum payout being $10 million and the maximum being $678 million.
Nuova will operate as an independent unit led by Luca Cafiero, Prem Jain and Mario Mazzola. Jain also will join the development council in Cisco's development organization.
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