MENLO PARK, Calif. -- Computer-networking-products concern Cisco Systems said Friday it has completed its previously announced $97- million stock-swap acquisition of Crescendo Communications Inc.
Cisco and privately held Crescendo, of Sunnyvale, Calif., signed an agreement Sept. 20 calling for Cisco to buy all of Crescendo's stock in exchange for 2 million shares of Cisco common stock.
Cisco closed up $1 at $48.50 a share in Nasdaq trading Friday.
Cisco spokesman Jeff Paine said that while Cisco specializes in routing technology, Crescendo focuses on a complementary technology called 'switching,' used to connect desktop computers in a network.
Crescendo, of Sunnyvale, Calif., has about 60 employees, while Cisco, of Menlo Park, Calif., has about 1,500.
'The acquisition of Crescendo equips Cisco with a technology that will permit us even greater responsiveness to the requirements of our traditional workgroup market,' said John Morgridge, Cisco president and chief executive officer.
Cisco earned $53.7 million on sales of $205 million in its fourth quarter ended July 31.