Shares of of Cisco (CSCO) are rising premarket after the company announced its intention to purchase business communication company Voicea as part of its effort to bolster its own collaboration platform, Webex.
The company did not provide financial details for the potential purchase.
Voicea provides meeting transcription, voice search, and meeting highlights for businesses, and Cisco hopes to add those capabilities to its Webex portfolio to blend its speech transcription service with artificial intelligence and automated speech recognition software.
"Voicea's true market leading technology will be a game changer for our Webex customers to experience more productive and actionable meetings," said Amy Chang, senior vice president and general manager, Cisco Collaboration. "The acquisition of Voicea allows us to leap past basic transcription services and instead, continue delivering on our vision of AI-driven, Cognitive Collaboration across our entire portfolio."
Cisco shares are up 1% to $51.88 and the stock is up 20% year to date.
Cisco is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.