8-KOther EventsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Oct 23, 2017)

Filed October 23, 2017For Securities:CSCO

Summary

Cisco Systems, Inc. (CSCO) announced on October 23, 2017, a definitive agreement to acquire BroadSoft, Inc. for approximately $1.9 billion in cash. BroadSoft is a leading provider of cloud calling and contact center solutions. This strategic acquisition is expected to enhance Cisco's collaboration portfolio, particularly in the cloud communications space, by integrating BroadSoft's established platform and customer base. The transaction, approved by both companies' boards of directors, is anticipated to close in the first quarter of calendar year 2018, subject to customary closing conditions and regulatory approvals. Upon closing, BroadSoft's operations and employees will be integrated into Cisco's Applications Group, strengthening its position in the growing market for unified communications and collaboration tools.

Key Highlights

  • 1Cisco to acquire BroadSoft for approximately $1.9 billion net of cash.
  • 2BroadSoft is a leader in cloud calling and contact center solutions.
  • 3Acquisition aims to bolster Cisco's cloud collaboration offerings.
  • 4Transaction approved by boards of directors for both companies.
  • 5Expected closing in Q1 2018, pending regulatory review and customary conditions.
  • 6BroadSoft employees to join Cisco's Applications Group.
  • 7Press release detailing the transaction was issued on October 23, 2017.

Frequently Asked Questions

Cisco is acquiring BroadSoft to enhance its collaboration portfolio, particularly in the rapidly growing market for cloud calling and contact center solutions. BroadSoft's established platform and customer base are expected to strengthen Cisco's cloud communication offerings and competitive positioning.

Cisco will pay $55 per share in cash for each share of BroadSoft, resulting in an aggregate purchase price of approximately $1.9 billion net of cash.

The acquisition is expected to close during the first quarter of calendar year 2018. This is subject to customary closing conditions, including regulatory review and BroadSoft shareholder approval.

Upon completion of the transaction, BroadSoft employees will join Cisco's Unified Communications Technology Group, which is part of the larger Applications Group.