Cisco Closes Tandberg Acquisition
As of close of business Monday, Cisco (CSCO) owned all outstanding Tandberg shares. Price: $3.3 billion, a bit more than the $3.0 billion it first offered for the company.
A pricey, but savvy acquisition. Tandberg’s lower-end TelePresence systems and specialized software for managing teleconferences will do much to help Cisco dominate the $34 billion collaboration market, which is growing–and quickly too.
It’s worth noting that last year year, Gartner (IT) forecast that video telepresence could replace 2.1 million business travel flights a year by 2012, diverting $3.5 billion annually from the airline industry.