SAN JOSE, CA--(Marketwire - May 29, 2007) - Cisco Systems, Inc. (NASDAQ: CSCO) today
announced the completion of its acquisition of WebEx Communications, Inc.
(NASDAQ: WEBX). WebEx is a market leader in on-demand collaboration
applications, and its network-based solution for delivering
business-to-business collaboration extends Cisco's vision for Unified
Communications, particularly within the small to medium business (SMB)
segment.
As a result of its tender offer for WebEx, Cisco purchased 46,339,278
shares of WebEx common stock, or approximately 90.1% of shares outstanding.
On May 25, 2007, Cisco closed the second-step merger of WebEx, which is now
a wholly-owned subsidiary of Cisco. As a result of the merger, all
remaining outstanding WebEx shares not tendered were converted into the
right to receive $57.00 per share, net to the seller in cash without
interest, less any required withholding taxes.
WebEx's service portfolio includes technologies and services that allow
companies to engage in real-time and asynchronous data conferences over the
Internet as well as share web-based documents and workspaces that help
improve productivity, performance and efficiency of workers in any size
organization. WebEx's subscription-based services strategy has been key to
its success, and Cisco plans to preserve this business model going forward.
About Cisco Systems
Cisco (NASDAQ: CSCO) is the worldwide leader in networking that transforms
how people connect, communicate and collaborate. Information about Cisco
can be found at http://www.cisco.com. For ongoing news, please go to
http://newsroom.cisco.com.
Cisco, Cisco Systems, and the Cisco Systems logo are registered trademarks
or trademarks of Cisco Systems, Inc. and/or its affiliates in the United
States and certain other countries. All other trademarks mentioned in this
document are the property of their respective owners. The use of the word
partner does not imply a partnership relationship between Cisco and any
other company. This document is Cisco Public Information.
Forward-Looking Statements
This press release contains projections and other forward-looking
statements, such as statements about WebEx's business model. Statements
regarding future events are based on Cisco's current expectations and are
necessarily subject to associated risks related to, among other things, the
ability of Cisco to successfully integrate WebEx and to achieve expected
benefits and the retention of employees of WebEx. Actual results may differ
materially from those in the projections or other forward-looking
statements. For information regarding other related risks, please see the
"Risk Factors" section of Cisco's filings with the SEC, including its most
recent filings on Form 10-K and Form 10-Q.
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Contact Information: Press Contact:
John Noh
408 853-8445
jnoh@cisco.com
Investor Relations Contact:
Laura Graves
408 526-6521
lagraves@cisco.com