Cisco To Buy London-based Acano For $700 Million

Cisco Systems Inc. said Friday it has agreed to acquire privately held Acano Ltd, a London-based maker of collaboration infrastructure and conferencing software, for $700 million in cash and assumed equity awards. The deal "will accelerate Cisco's collaboration strategy to deliver video everywhere, providing the best collaboration experience across every endpoint, every screen, every workspace, and to every user," the company said in a statement. The deal is expected to close in the third quarter of fiscal 2016. Cisco shares were slightly higher in premarket trade, but are down 1.6% in the year so far, while the Dow Jones Industrial Average has lost 0.5%.