Cisco Systems Inc said on Tuesday it plans to buy privately held software company newScale Inc, in a deal that would ramp up its cloud computing services.
Financial terms of the deal were undisclosed. Cisco said the deal would be completed in the second half of its fiscal year 2011. NewScale, which makes portals for cloud computing, has more than 2 million users worldwide, including 20% of the Fortune 50 companies, according to its website. Some of newScale's customers are AT&T Inc, American Express Co and Siemens AG. Cisco shares were trading 0.2% higher at USD 17.22 on Tuesday in premarket dealings on Nasdaq.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
