Cisco Systems to Acquire Parc Technologies, Ltd.
SAN JOSE, Calif., July 8, 2004 - Cisco Systems, Inc., today announced a definitive agreement to acquire privately held Parc Technologies, Ltd. of London, United Kingdom, which develops traffic engineering (TE) solutions and software for routing optimization. Parc is a spin off from a renowned center for research into search algorithms based at Imperial College, University of London. Parc's Route Server algorithms apply innovative technology to break up network routing problems involving complex Quality of Service constraints. These algorithms integrate specialized solvers and the solutions they generate can help Service Providers deliver high quality services while improving network utilization and reducing capital expenditure. Initially, Parc's technology will be used by Cisco in the planning and optimization of Multiprotocol Label Switching (MPLS) TE.
Under the terms of the agreement, Cisco will pay approximately $9 million in cash for all outstanding shares not already held by Cisco. The acquisition of Parc is subject to various standard closing conditions and is expected to close in the first quarter of Cisco's fiscal year 2005.
"Our customers are looking for efficient technology with Quality of Service guarantees, reduced congestion, efficient back-up planning, fast restoration, and optimal provisioning. Cisco and Parc together have created a market leading MPLS traffic engineering planning and optimization application that brings immediate value to Cisco's customers," said Cliff Meltzer, senior vice president for Cisco's Network Management Technology Group. "We are excited to welcome Parc's highly specialized team of algorithm developers and software engineers to Cisco."
Cisco will gain Parc's Route Server Software for Primary and Backup MPLS TE tunnel placement, and also a state-of-the-art hybrid optimization algorithm development platform. Parc's Route Server software will be incorporated into Cisco's MPLS Management product portfolio and will be made available as part of Cisco's IP Solution Center (ISC). The integrated solution will compute and provision optimized traffic paths for both primary and fast restoration backup traffic.
Upon close of the acquisition, the Parc team led by CEO Gideon Agar will report to Cliff Meltzer, senior vice president, Network Management Technology Group.
About Cisco Systems
Cisco Systems, Inc. (NASDAQ: CSCO), the worldwide leader in networking for the Internet, this year celebrates 20 years of commitment to technology innovation, industry leadership and corporate social responsibility. Information on Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com.
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