Cisco Systems, Inc on Tuesday announced the completion of its acquisition of WebEx Communications. Inc WebEx is a market leader in on-demand collaboration applications, and its network-based solution for delivering business-to-business collaboration extends Cisco's vision for unified communications, particularly within the small to medium business (SMB) segment.
Because of its tender offer for WebEx, Cisco purchased 46,339,278 shares of WebEx common stock, or approximately 90.1 percent of shares outstanding, said a press release.
On May 25, 2007, Cisco closed the second-step merger of WebEx, which is now a wholly owned subsidiary of Cisco. As a result of the merger, all remaining outstanding WebEx shares not tendered were converted into the right to receive $57.00 per share, net to the seller in cash without interest, less any required withholding taxes.
WebEx's service portfolio includes technologies and services that allow companies to engage in real-time and asynchronous data conferences over the Internet as well as share web-based documents and workspaces that help improve productivity, performance and efficiency of workers in any size organisation. WebEx's subscription-based services strategy has been key to its success, and Cisco plans to preserve this business model going forward.-PR
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