Cisco Completes Purchase of Selected Assets of Utah Street Networks, Inc.
Cisco also completes the acquisition of Five Across
SAN JOSE, Calif., March 5, 2007 -- Cisco Systems® (NASDAQ: CISCO) today announced that it has completed the purchase of select assets of privately-held Utah Street Networks, Inc., the operator of the social networking site Tribe.net.
Utah Street Networks uses a proprietary software infrastructure to create and maintain online communities on the Tribe.net website. As part of the asset purchase, this software will be integrated into the Cisco Media Solutions Group (CMSG), which is focused on infrastructure products to help digital media content owners improve the consumer experience. Employees from Utah Street Networks, Inc. will also be joining Cisco to continue software development.
Other terms of the deal were not disclosed.
Utah Street Networks was founded in 2003 and has seven employees based in San Francisco, Calif. The Utah Street Networks technology and certain members of team will join CMSG led by Dan Scheinman, Senior Vice President and General Manager. The deal does not include the Tribe.net site, which will remain completely independent of Cisco.
Cisco also announced the close of the acquisition of Five Across. With the close of the transaction, the Five Across team and technology now report into Scheinman.
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