Cisco (CSCO), looking to move deeper into the consumer electronics industry, is reportedly buying Flip camcorder maker Pure Digital for more than $500 million, TechCrunch reports. (Welcome back, Mike Arrington!) We have asked for comment, and will update if we hear back.
The company reportedly had sales around $150 million last year, most of which came before it released its new, pricier HD camera in November. If those sales figures are right, a $500 million deal isn’t crazy.
According to TechCrunch, Pure Digital has raised nearly $70 million from Sequoia Capital, Benchmark Capital, Crescendo Ventures, Focus Ventures, Morgan Stanley, AllianceBernstein and Disney’s (DIS) Steamboat Ventures.