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Tuesday, March 29, 2011

Cisco (CSCO) Acquiring Cloud Company newScale

Cisco Systems Inc. (Nasdaq:CSCO) announced today it is acquiring newScale Inc., a company that provides cloud-services software for IT units or businesses.

Parvesh Sethi, senior vice president of Cisco Services said, "Cloud computing represents a major shift in the evolution of the Internet, and as more customers migrate from traditional IT infrastructures, the need for rapid self-provisioning and efficient management becomes increasingly critical. With the acquisition of newScale, Cisco will be able to accelerate the deployment of cloud services through a service catalog and self-service portal that allows customers to easily manage their IT infrastructures."

Term of the deal, which is expected to close in the second half, weren't revealed.

Cisco was trading at $17.31, up $0.18, or 1.05 percent, as of 12:16 PM EDT.

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