The world’s largest developer of video conference technology has consolidated its place in the market, as Cisco announces it has finished its £2.17bn acquisition of former rival Tandberg.
Aside from their Telepresence product, Cisco is an important name for users and providers of video conferencing services because of the company’s strong offerings in network infrastructure, communications architecture and data storage. Still it’s position will have only been boosted by its acquisition of Tandberg, an Oslo based manufacturer of video conference systems.
The acquisition has been in the works since October 2009, when Cisco made a $3bn offer to acquire Tandberg. After finally upping its offer to $3.4 billion, Cisco’s bid was accepted in December 2009 and it gained a 90% share of the former rival company’s shares.
Commenting on the acquisition, Cisco’s senior vice president for its emerging technologies group said the company “strongly believed” in the ability of telepresence systems to allow people to be more productive through face-to-face collaboration at video conferencing rooms in workplaces around the world.
“Today we are celebrating a very important step for our customers in the journey to put people at the centre of collaboration and change the way we work” said Marthin De Beer. “We strongly believe that telepresence – the next generation of video conferencing…powers this new way of working where everyone, everywhere, can be more productive through the pervasive use of video and face-to-face collaboration.”
Tandberg’s product line will now become part of the Cisco Telepresence range. Tandberg’s former CEO, Fredrik Halvorsen, will become the senior VP and leader of the new Telepresence Technology Group within the Emerging Technologies division at Cisco.