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As anticipated, Cisco Systems Inc. today announced it will buy the key engineering staff and entire intellectual property portfolio of core router vendor Procket Networks Inc. in a cash deal worth $89 million (see Cisco Acquires Parts of Procket and Cisco/Procket Deal Imminent).
Cisco isn't providing any further detail at this point, but a spokesman notes that it "isn't going to buy the company lock, stock, and barrel. We won't acquire any products. We'll buy the IP and Procket's talented engineering team."
But Cisco isn't taking on all of Procket's engineers. The spokesman says there's no breakdown of who is or isn't joining Cisco's Routing Technology Group, which is managed by senior vice presidents Prem Jain and Mike Volpi.
There's also no further detail on what the "select assets" referred to in the news release are, though again the spokesman presses the point that these will not include any Procket products. He adds that Cisco will not assume any of Procket's liabilities.
In its official release, Cisco notes that the "purchase will add a rich intellectual property portfolio and a team of proven silicon and software architects to Cisco's industry-leading routing technology and products."
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