by Christopher Freeburn | January 23, 2013 12:51 pm
Cisco (NASDAQ:CSCO) announced on Wednesday that it has agreed to purchase Intucell, a software developer based in Israel.
The networking equipment giant will pay $475 million for the maker of software used to manage cellular networks. The acquisition is expected to be completed later this year, the Wall Street Journal notes.
Intucell’s clients include U.S. wireless communications provider AT&T (NYSE:T). The company recently received a $6 million investment from venture capital firm Bessemer Venture Partners in January 2011. Bessermer’s interest in the company is currently valued at $230 million.
Cisco has acquired nine software or service companies in recent years as it looks to double its software revenue over the coming five years. In November, Cisco paid $1.2 billion to acquire WiFi gear-maker Meraki.
Shares of Cisco slipped fractionally in Wednesday afternoon trading.
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