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Thursday, January 17, 2013

REFILE-Cisco acquires minority stake in Russia's Parallels, (NASDAQ: CSCO)

Networking equipment company Cisco Systems Inc has acquired a small stake in Russian 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 of the Russian firm."We are looking at all possible ways to ensure liquidity options: dividend payouts, IPO, mergers and acquisitions," Parallel's press service said.The price of the deal with Cisco has not been revealed, but Cisco will get a seat on Parallels board of directors, the 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 0.52% or $-0.11/share to $20.92. In the past year, the shares have traded as low as $14.96 and as high as $21.30. On average, 40292800 shares of CSCO exchange hands on a given day and today's volume is recorded at 17195020.