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Cisco Fires Back
Just days after rival network hardware and security firm Juniper Networks announced its purchase of NetScreen for a heady $4 billion, Cisco announced a big-boy deal of its own, completing its purchase of Andiamo Systems, a developer of intelligent storage switching products for the SAN market, for $750 million
Cisco first invested in Andiamo in April 2001 with a $88 million note convertible into a 44% percent stake in the company. Then in August 2002 -- when Andiamo’s products were only just entering the market -- Cisco said it planned to “spin-in” or purchase the remaining 56% of Andiamo shares by July 2004 at a price based on Andiamo’s achievement of certain “market milestones” Cisco had set for the startup.
The apparently accelerated completion of Cisco’s Andiamo purchase occurs while the press is still running headlines on the Jupiter/NetScreen deal. We wonder if the timing is only coincidental.
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