Cisco sells Linksys to Belkin
Currently, Belkin has a range of wired, wireless and powerline networking products under the Belkin brand. Company officials said they will maintain the Linksys brand. Cisco acquired Linksys for $500 million almost exactly 10 years ago, as the networking giant expanded its reach into home-networking.
The company spent years trying to find its way in the consumer world only to begin to unwind or kill those investments beginning a few years ago, most notably ending production of the popular Flip video camera as smart phones took over that application.
Chet Pipkin, CEO of Belkin said, "Belkin’s ultimate goal is to be the global leader in the connected home and wireless networking space and this acquisition is an important step to realizing that vision.”
Specific financial terms of the transaction are undisclosed. The transaction is subject to various standard closing conditions and is expected to close in March 2013.
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
