SAN JOSE, Calif. - May 29, 2007 - Cisco Systems, Inc. (NASDAQ: CSCO) today announced the completion of its acquisition of WebEx Communications, Inc. (NASDAQ: WEBX). 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.
As a result of its tender offer for WebEx, Cisco purchased 46,339,278 shares of WebEx common stock, or approximately 90.1% of shares outstanding.
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 organization. WebEx's subscription-based services strategy has been key to its success, and Cisco plans to preserve this business model going forward.