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Thursday, January 24, 2013

CORRECTED-Cisco acquires minority stake in Parallels, (NASDAQ: CSCO)

Networking equipment company Cisco Systems Inc has acquired a small stake in Seattle-based software developer Parallels, Parallels said on Thursday.Parallels said in a statement that Cisco has bought about 1 percent of the company and added that the stake sale does not rule out a possible initial public offering by the provider of desktop virtualisation and cloud service delivery software.The company was founded in 1999 by Russian-born computer scientist Serguei Beloussov and employs more than 900 people worldwide."We are looking at all possible ways to ensure liquidity options: dividend payouts, IPO, mergers and acquisitions," Parallels' press service said.

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 fell by 1.2% or $-0.25/share to $20.62. In the past year, the shares have traded as low as $14.96 and as high as $21.30. On average, 40384500 shares of CSCO exchange hands on a given day and today's volume is recorded at 37138992.