Cisco Systems to Acquire TransMedia Communications, Inc.; Cisco Accelerates Migration to New World Voice-Over-Packet Networks.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--June 17, 1999-- Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Inc. (Nasdaq:CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ) today announced a definitive agreement to acquire privately-held TransMedia Communications, Inc. of San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . TransMedia has developed an industry-leading Media Gateway technology that seamlessly unites the multiple networks (ATM, IP, PSTN (Public Switched Telephone Network) The worldwide voice telephone network. Once only an analog system, the heart of most telephone networks today is all digital. In the U.S. ) of public voice communications, providing a successful transition to New World networks. This acquisition underscores Cisco's commitment to offering service providers an accelerated migration from Old World circuit-based networks to New World packet-based networks. Under the terms of the agreement, between 3.15 and 3.85 million shares of Cisco common stock will be exchanged for all outstanding shares and options of TransMedia. Based upon Cisco's June 16, 1999 closing price of $116.25, the stock exchanged would have a value of approximately $407 million. The transaction is expected to close in the first quarter of Cisco's fiscal year 2000. The acquisition has been approved by the board of directors of each company and is subject to various closing conditions. "Today's announcement demonstrates Cisco's ongoing commitment and leadership in bringing together an open, standards-based New World communications For the company controlled by Sun Myung Moon and his Unification Church which owns The Washington Times and United Press International, see . New World Communications network of integrated data, voice and video," said Kevin Kennedy Kevin Kennedy may refer to:
New World, Open Packet Telephony Synonymous with IP telephony and voice over IP (VoIP), in which a digital voice stream is broken up into small chunks (packets) and transmitted over a packet-switched network. See IP telephony and packet switching. Networks for Service Providers Cisco is acquiring TransMedia's Media Gateway technology to help service providers transition to New World network solutions. This is achieved through paced migration of traditional voice traffic from circuit-based networks onto packet networks. TransMedia provides an innovative solution by integrating ATM-based circuit switching and voice-over-packet technologies in an open, standards-based environment. TransMedia's technology is complementary to Cisco's industry leading voice-over-packet product line. TransMedia was founded in 1998. The 66 employees led by TransMedia president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Gwong-Yih Lee will report to Brad Wurtz, vice president and general manager of Cisco's Multiservice-Switching Business Unit. About Cisco Systems Cisco Systems (Nasdaq:CSCO) is the worldwide leader in networking for the Internet. Cisco news and information are available at http://www.cisco.com. Note to Editors: Cisco, Cisco IOS, Cisco Systems, the Cisco Systems logo are registered trademarks of Cisco Systems, Inc. in the U.S. and other countries. All other trademarks mentioned in this document are the property of their respective owners. This release may contain projections or other forward-looking statements regarding future events or the future financial performance of Cisco that involve risks and uncertainties. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by Cisco with the SEC, specifically the most recent reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including risks associated with acquisition strategy, dependence on new product offerings, competition patents, intellectual property and licensing, future growth, rapid technological and market change, manufacturing and sourcing risks, Internet infrastructure and regulation, volatility of stock price, financial risk management and potential volatility in operating results among others. |
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