Cisco Shutting Down Flip Video Camera Business After Acquiring It For $590 Million
Cisco Systems, Inc. (NASDAQ:CSCO) is shutting down the Flip video camera business. Cisco acquired Pure Digital Technologies about two years ago. About 550 employees in the Pure Digital division will be laid off as part of the restructuring. Cisco said that they are planning to keep supporting Flipshare customers that upload media to the web.
“We are making key, targeted moves as we align operations in support of our network-centric platform strategy,” stated Cisco CEO John Chambers. “As we move forward, our consumer efforts will focus on how we help our enterprise and service provider customers optimize and expand their offerings for consumers, and help ensure the network’s ability to deliver on those offerings.”
[GigaOM]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry