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Cisco to buy UK-based Acano to boost enterprise business

Reuters
The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. REUTERS/Jim Young

(Reuters) - Cisco Systems Inc said it would buy UK-based Acano Ltd for $700 million (450 million pounds) in cash and equity awards, amid slowing order growth and weakness in the U.S. network gear maker's enterprise business outside the United States.

Privately held Acano's products includes gateways as well as video and audio bridging technology that allows customers to connect video systems from vendors across multiple platforms.

Cisco has been beefing up its enterprise and wireless security businesses to counter lower spending by telecom carriers, its traditional customers, and stiff competition from nimbler rivals.

The company said on Friday said Acano's employees will receive additional retention-based incentives.

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London-based Acano team will join Cisco's collaboration technology business, which grew 17 percent in the first quarter of 2016.

The deal is expected to close in the third quarter, Cisco said.

Cisco's shares were up 0.29 percent in premarket trading on Friday.

(Reporting by Arathy S Nair and Lehar Maan in Bengaluru; Editing by Savio D'Souza)