Tag Archives: Pure Digital Technologies Inc.
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.
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Cisco Buys Out Pure Digital For $590 Million
Cisco Systems Inc. (NASDAQ:CSCO) has acquired Pure Digital Technologies Inc. for $590 million in stock. Pure Digital is a company that makes digital cameras and video camcorders. In addition to paying $590 million, Cisco will pay about $15 million in equity incentives to keep Pure Digital workers on board.
Pure Digital builds the Flip Video camcorder for $150-$230. The Flip Video can record 60 minutes of video and can be plugged into USB drives. These videos can be uploaded to YouTube.
Pure Digital started about 8 years ago and was powered by VC capital by Sequoia and Benchmark Capital.