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August 31, 2000
SAN JOSE, Calif. -- Cisco Systems, Inc., today announced it has entered into a definitive agreement to acquire privately held PixStream Incorporated of Waterloo, Canada. PixStream is a leading provider of hardware and software solutions to distribute and manage digital video across all types of broadband networks. The acquisition supports Cisco's vision to accelerate broadband deployments and build networks that enable service providers to offer data, voice and video services to businesses and consumers.
Under the terms of the agreement, Cisco common stock worth an aggregate value of approximately $369 million (US) will be exchanged for all outstanding shares and options of PixStream. This acquisition will be accounted for as a purchase and is expected to be complete in the first quarter of Cisco's fiscal year 2001. In connection with the acquisition, Cisco expects a one-time charge for purchased in-process research and development expenses not to exceed $.02 per share. The acquisition has been approved by the board of directors of each company and is subject to various closing conditions.
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