On Thursday, the networking bigwig Cisco Systems announced its intentions of taking over the San-Francisco, California-based Pure Digital Technologies, the manufacturer of the popular Flip Video camcorder.
The San-Jose, California-based Cisco plans to strike a $590-million-in-stock deal with Pure Digital. In exchange, Cisco will gain all the Pure Digital shares, as well as a robust gadget startup that would further its foray into the consumer marketplace. The deal would likely close in Cisco's fiscal fourth quarter, ending July.