Updated from 3:49 p.m. EDT
, the leading maker of computer-networking products, said Friday that it was buying
, a developer of technology for speeding network connections, for stock valued at $210 million.
The acquisition is Cisco's 13th so far this year, bringing the company more than halfway to its goal of buying between 20 to 25 companies in 2000.
Cisco currently owns a 20% minority stake in Netiverse, which is a privately-held company founded last year in San Jose, Calif., to develop faster distribution of information on computer networks. Netiverse employs 34 people.
Ammar Hanafi, Cisco's vice president of business development, said he expects the company to meet its goal of 20 to 25 acquisitions this year, explaining that the company works within the fast-paced communications equipment industry by developing products internally and acquiring external technology. Hanafi said Netiverse would provide "more flexibility, higher performance and all the things that matter to a person building a communications network."
Netiverse fits into Cisco's general effort to build "our skills, our competence and our technology base" in order to become the "leading communications equipment company of the 21st century," Hanafi added.
Jeanette Gibson, a spokeswoman for Cisco, said Netiverse would be integrated into the company's existing content networking operations. Netiverse is Cisco's fourth content networking acquisition. She added the purchase will bring "high performance" technology as well as
additional experienced personnel to Cisco.
Cisco, which is also based in San Jose, Calif., said it expected to take a one-time charge of up to 2 cents a share related to the acquisition.
Cisco closed Friday regular trading up 5/8, or 1%, at 65 3/8.
The purchase is expected to be completed in the first quarter of Cisco's fiscal year 2001.