Cisco Systems Inc (CSCO.O) said on Monday that it has bought privately-held firm Versly to expand in collaboration technology aimed at corporate clients looking to make employees work together more easily. Cisco did not say how much it is paying for San Francisco-based Versly, which produces a "plug-in" that expands the capability of Microsoft (MSFT.O) software such as documents, spreadsheets and emails. Collaboration technology is one of five priority areas Cisco is organizing the company around. The network equipment maker estimates that there is a total addressable market of about $45 billion for such technology. Cisco's existing collaboration technology includes online meeting service WebEx. It said that it plans to integrate Versly technology with its own products.
Cisco Systems, Inc. designs, manufactures, and sells Internet protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. Shares of CSCO traded higher by 1.96% or $0.3/share to $15.62. In the past year, the shares have traded as low as $13.30 and as high as $24.60. On average, 75122896 shares of CSCO exchange hands on a given day and today's volume is recorded at 13375427.
Microsoft Corporation is engaged in developing, licensing and supporting a range of software products and services. Shares of MSFT traded higher by 1.54% or $0.39/share to $25.64. In the past year, the shares have traded as low as $23.32 and as high as $29.46. On average, 66298400 shares of MSFT exchange hands on a given day and today's volume is recorded at 13760012.
Source
