Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of BroadSoft (Nasdaq: BSFT) got a clear signal today, rising as much as 11.4% intraday in a steady climb at moderate trading volumes.

So what: This morning, the company announced the acquisition of Web conferencing expert iLinc Communications for just $2.4 million. While small, this deal will bolster BroadSoft's Internet-based voice services with a natural plug-in complement.

Now what: Neither Polycom (Nasdaq: PLCM) nor Cisco Systems (Nasdaq: CSCO) needs to adjust its rearview mirror just yet, but this recent IPO is a very credible competitor to Sonus Networks (Nasdaq: SONS). The stock rose to 500% gains at one point before falling nearly 40% under the one-two punch of a weak economy and the end of the underwriters' lock-up period. At the current price, BroadSoft looks intriguing, and the iLinc addition could provide a long-term catalyst. If nothing else, BroadSoft is starting to look like an attractive buyout candidate for an all-rounder such as Cisco.

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Fool contributor Anders Bylund owns shares of Sonus Networks, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Fool owns shares of and has created a bull call spread position on Cisco Systems. Motley Fool newsletter services have recommended buying shares of Cisco Systems and Polycom. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.