Cisco buys itself yet another consumer electronics company. This time they acquired Pure Digital, maker of the hot selling and easy to use Flip Mino camcorders.
Pure Digital's Flip Mino Video camcorder have sold more than 2 million units so far. Cisco pays $590 million in stock for the privately held Pure Digital. Additionally Cisco will provide up to $15 million in retention-based equity incentives for continuing employees.
Upon the close of the acquisition, the Pure Digital team will become part of Cisco's Consumer Business Group, which includes Linksys by Cisco home networking, audio and media-storage products.
Pure Digital CEO Jonathan Kaplan will become general manager of the new Cisco Consumer Business Group.
Via this Cisco announcement.
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