Network gear giant Cisco (CSCO) has invested in Digitalsmiths, a Web video technology company, as it gets deeper into the Web service business.
Digitalsmiths announced the investment today but did not release financial terms. The company already powers Web video publishing, indexing, and analysis for clients like AOL’s (TWX) TMZ.com and TheWB.com, competing with companies like Brightcove.
Last fall, Digitalsmiths raised $12 million in Series B financing from .406 Ventures, the Aurora Funds, and Chrysalis Ventures.
Cisco is searching far and wide for new growth areas. Earlier this month, the company unveiled a new set of hosted services called “Eos,” a platform for media companies that includes social networking and Web video components. We assume Cisco could use Digitalsmiths technology as part of the Eos platform (if it isn’t already).
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