Cisco buys pure digital, the maker of popular flip video camera, for $590M. Not bad for a company that has raised a total of $69M in funding. That’s almost a ten bagger.
NEW YORK (Reuters) - Cisco Systems Inc is buying digital camcorder-maker Pure Digital Technologies as it seeks to push further into the consumer market.
The world’s largest maker of computer networking equipment said on Thursday it would pay $590 million in stock to purchase all of privately held Pure Digital’s shares.
It will also pay up to $15 million in retention-based incentives to employees who continue at the acquired company, Cisco said in a statement.
Pure Digital, based in San Francisco, is backed by venture capital investors including Sequoia Capital and Benchmark Capital.
Mike Arrignton has a nice post about pure digital’s story of try and try until you succeed.