Cisco Announces Definitive Agreement to Acquire MOTO
SAN JOSE, Calif. May 18, 2010 Cisco today announced its intent to acquire privately held MOTO Development Group, a design consulting firm that develops products and product strategies for the consumer industry. Based in San Francisco, MOTO's talent base will complement Cisco's and enable Cisco to rapidly enhance its consumer product development road map.
"Consumers have embraced our Flip VideoTM, ValetTM and Linksys® product lines because they deliver on the promise of making video and home networking simple, affordable and fun," said Jonathan Kaplan, senior vice president and general manager of Cisco® Consumer Products. "MOTO's design and engineering teams have deep consumer expertise that will accelerate our ability to continue to deliver great products and expand Cisco's consumer business."
MOTO brings to Cisco an accomplished team of more than 35 consultants with a proven track record in the consumer product industry. The MOTO team has been instrumental in the development of innovative products from startups to Fortune 500 companies, including Cisco's industry-leading Flip video product family. MOTO's multidisciplinary team drives innovation across the product life cycle to create engaging products and consumer experiences.
MOTO's philosophy directly aligns with Cisco's consumer strategy to use devices, software and the network to deliver transformational product experiences that delight consumers. As the consumer market evolves, Cisco will continue to focus on helping people live a connected life that is more personal, more social and more visual. Like the acquisition of Pure Digital in 2009, the acquisition of MOTO is another step toward embedding consumer design and ease of use into Cisco products for the consumer market.
Financial terms of the transaction are undisclosed. The acquisition is subject to various standard closing conditions and is expected to be complete in the fourth quarter of Cisco's fiscal year 2010. Upon the closing of the acquisition, MOTO employees will become part of the Cisco Consumer Products team led by Kaplan.
About Cisco Systems
Cisco, (NASDAQ: CSCO), the worldwide leader in networking that transforms how people connect, communicate and collaborate, this year celebrates 25 years of technology innovation, operational excellence and corporate social responsibility. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com.
Cisco, the Cisco logo, Cisco Systems, Flip Video, Linksys, and Valet are registered trademarks of Cisco Systems, Inc. in the U.S. and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including the expected completion of the acquisition and the time frame in which this will occur, the expected benefits to Cisco and its consumer business, and plans regarding the integration of MOTO personnel. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, among other things, the retention of employees of MOTO, the ability of Cisco to successfully integrate MOTO and to achieve expected benefits, business and economic conditions, growth trends in the consumer market and the networking industry, global economic conditions and other risk factors set forth in Cisco's most recent reports on Form 10-K and Form 10-Q filed with the SEC. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.
- Robyn Jenkins-Blum Cisco Systems, Inc. 408 853-9848 email@example.com
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