Cisco sets its sights on Sightpath - Mar. 29, 2000

News > Deals

Cisco to acquire SightPath

March 29, 2000: 8:52 a.m. ET

Most valuable U.S. company paying $800M stock for network software firm

NEW YORK (CNNfn) - Cisco Systems Inc., the world's No. 1 supplier of computer networking products, agreed Wednesday to purchase SightPath Inc., a leading provider of Web content delivery solutions, for $800 million in stock.
The deal will allow Cisco, which just last week became the nation's most valuable company as measured by market capitalization, to provide its customers with data-rich content delivery networks that include real-time video, live streaming media and high-reliability hosting.

SightPath, founded just two years ago, manufactures many of the parts used to establish such networks. The company said recently it will be the first to provide network service providers with the software to build their own highly scalable content delivery networks.
    Under the agreement, Cisco will exchange roughly $800 million of common stock for all the outstanding shares and options of closely held SightPath. The merger has been approved by both companies' boards
    The deal continues a prolonged shopping spree for Cisco, which earlier this month acquired Internet appliance maker InfoGear Technology for $301 million and communications systems maker JetCell for roughly $200 million.
    Cisco (CSCO: Research, Estimates) shares fell 2-3/16 Tuesday to close at 77-7/8.

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