Cisco (NASDAQ:CSCO) announced plans to acquire Acano Friday.
The tech company says the deal is worth $700 million in cash, helping it expand its videoconferencing and other collaboration businesses. Acano focuses on creating hardware that companies or cloud services install to manage videoconferences.
The company prides itself on its ability to connect conference room systems from different hardware providers. “Acano is the bridge that makes everything work with everything else,” said Rowan Trollope, a senior vice president who is general manager of Cisco’s collaboration technology group.
Cisco has made some successful collaborations in the past. The company reported that revenue from collaboration products rose 17% to $1.12 billion in its first fiscal quarter, which include profit from moves such as the 2010 purchase of the Norwegian videoconferencing company Tandberg ASA for $3.3 billion.
CSCO stock is up 0.9% Friday.
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