News : Cisco Announces Agreement to Acquire BroadSoft
San Jose, CA and Gaithersburg, MD, USA, Oct 23, 2017 -- Cisco (NASDAQ: CSCO) and BroadSoft (NASDAQ: BSFT) announced a definitive agreement for Cisco to acquire publicly-held BroadSoft, Inc., headquartered in Gaithersburg, MD. The acquisition has been approved by the board of directors of each company.
"Together, Cisco and BroadSoft will deliver a robust suite of collaboration capabilities across every market segment," said Rowan Trollope, senior vice president and general manager of Cisco's Applications Business Group. "We believe that our combined offers, from Cisco's collaboration technology for enterprises to BroadSoft's suite for small and medium businesses delivered through Service Providers will give customers more choice and flexibility."
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"We are excited about this transaction, which represents the culmination of a robust process undertaken by BroadSoft's Board of Directors to maximize shareholder value," said Michael Tessler, president and CEO, BroadSoft. "As businesses continue to move toward the cloud in search of simplicity and speed, joining Cisco will allow us to deliver best-in-class collaboration tools and services. BroadSoft's hosted offerings, sold through the Service Providers and aimed at small and medium businesses, are highly complementary to Cisco's on-premises and enterprise-centric HCS offerings. Together, we can inspire teams to create, collaborate and perform in ways never before imagined."
"Cisco recently marked a significant milestone with our 200th acquisition. Acquisitions continue to be a core part of our innovation strategy and over the past two years have helped Cisco accelerate or enter areas such as IoT, application intelligence, AI, hyperconvergence and SD-WAN," said Rob Salvagno, vice president of Cisco Corporate Development. "With the addition of BroadSoft, we expect to accelerate the pace of innovation across our entire collaboration portfolio."
The acquisition is expected to close during the first quarter of calendar year 2018, subject to customary closing conditions and regulatory review. Prior to the close, Cisco and BroadSoft will continue to operate as separate companies. Upon completion of the transaction, BroadSoft employees will join Cisco's Unified Communications Technology Group led by Vice President and General Manager Tom Puorro, under the Applications Group led by Trollope.
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Posted by Veronica Silva Cusi, news correspondent
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Cisco provides Unified Customer Contact solutions that extend customer care beyond simple phone transactions and the traditional contact centre to unique content-rich customer centric experiences. These solutions let you uniquely personalize communication with individual customers through a variety of media including voice, Web, e-mail, and video.
BroadSoft provides software that enables mobile, fixed-line, and cable service providers to deliver voice and multimedia services over their IP-based networks. The Company's software, BroadWorks(R), enables service providers to provide enterprises and consumers with a range of cloud-based, or hosted, IP multimedia communications, such as hosted IP private branch exchanges, video calling, unified communications, collaboration and converged mobile and fixed-line services.
Published: Wednesday, October 25, 2017