Cisco Systems pockets Procket

Cisco Systems is to purchase the intellectual property, a majority of the engineering team and select assets from privately-held Procket Networks for $89 million.

Cisco Systems is to purchase the intellectual property, a majority of the engineering team and select assets, from privately-held Procket Networks of Milpitas, CA.

Procket Networks is a developer of concurrent services routers and has expertise in silicon and software development.

Under the terms of the agreement, Cisco will pay approximately $89 million in cash for select assets of Procket, including the intellectual property, and will hire a majority of the engineering team.

The asset purchase is subject to various closing conditions and regulatory approvals, and is expected to close in the first quarter of Cisco’s fiscal year 2005.