SAN JOSE, Calif. – July 30, 2013 – Cisco today announced it has completed the acquisition of privately held Composite Software, Inc., a market leader in data virtualization software and services. Headquartered in San Mateo, Calif., Composite provides software technology that connects many types of data from across the network and makes it appear as if it's in one place.
Composite will expand Cisco's portfolio of Smart Services and extend our next-generation services platform by connecting data and infrastructure.
Composite employees will join the Cisco Services team, under the leadership of Mala Anand, senior vice president, Cisco Services Platforms Group and Mike Flannagan, senior director and general manager of the Integration Brokerage Technology Group. Under the terms of the agreement, Cisco will pay approximately $180 million in cash and retention-based incentives in exchange for all shares of Composite.
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This press release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including the expected benefits to Cisco and its customers from completing the acquisition, and plans regarding Composite personnel. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, among other things, the potential impact on the business of Composite, the retention of employees of Composite and the ability of Cisco to successfully integrate Composite and to achieve expected benefits, business and economic conditions and growth trends in the networking industry, customer markets and various geographic regions, global economic conditions and uncertainties in the geopolitical environment and other risk factors set forth in Cisco's most recent reports on Form 10-K and Form 10-Q. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.