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8/23/2002
04:04 PM
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Cisco Buys Into SAN Switches

Cisco Systems last week said it will pay up to $2.5 billion in stock to buy Andiamo Systems, a Cisco-backed developer of intelligent Fibre Channel storage area network switches.

Cisco wants to be a top provider in the $1.2 billion storage networking market, and Andiamo gives it the products to do so. Cisco expects to complete the acquisition by April 2004.

Andiamo is headquartered on Cisco's San Jose, Calif., campus, and its 270 employees are mostly on leave from Cisco, which already owns a 44% stake in Andiamo and reserved the right to acquire the remainder.

The amount that Cisco pays will be determined by Andiamo sales, Cisco sales, and Cisco's stock price. That amount could be as high as $2.5 billion, or as low as zero.

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