Cisco Buys Flip Video Maker
Cisco announced Thursday that it has reached an agreement to purchase Pure Digital Technologies, the company behind the Flip Video and Flip Mino products.
Cisco will pay $590 million in stock in exchange for full interest in Pure Digital; Cisco will also provide $15 million in equity incentives for remaining employees.
"The acquisition of Pure Digital is key to Cisco's strategy to expand our momentum in the media-enabled home and to capture the consumer market transition to visual networking,” Cisco senior vice president Ned Hooper said as part of the announcement. "Pure Digital has revolutionized the way people capture and share video with Flip Video. This acquisition will take Cisco's consumer business to the next level as the company develops new video capabilities and drives the next generation of entertainment and communication experiences.”