Cisco plans to buy Pure Digital, the company that’s sold 2 million Flip digital video cameras.
This is the latest move in Cisco’s continued push into the consumer market. The company also sells digital music jukeboxes and “entertainment routers” through its Linksys subsidiary.
Cisco (CSCO) will pay $590 million in stock for Pure Digital. It’s also putting up $15 million in “retention-based equity incentives for continuing employees.”
Reports suggest Pure Digital saw $150 million in sales last year.
Sequoia Capital, Benchmark Capital, Crescendo Ventures, Focus Ventures, Morgan Stanley, AllianceBernstein and Disney’s (DIS) Steamboat Ventures funded the startup with $70 million.