SAN JOSE, Calif. (AP) — Cisco Systems Inc. said Tuesday it will buy privately-held BroadWare Technologies, a provider of IP-based video surveillance software. Financial terms weren't disclosed.
Founded in 1995, BroadWare has 38 employees, with offices in Santa Clara, California and McLean, Virginia. The BroadWare team and products will be integrated into Cisco's emerging market technologies group.
The company said BroadWare's software allows users to monitor, manage, record and store audio and video online, and helps customers gain access to live and recorded surveillance video for faster investigation response.
“Cisco views the video surveillance infrastructure market as an immediate high growth opportunity that requires the ability to support both IP and analog device installations,” said Marthin De Beer, senior vice president of Cisco's emerging market technologies group. “Through the acquisition of BroadWare, Cisco will be able address both existing and greenfield video surveillance opportunities.”
The transaction is expected to close in Cisco's fiscal fourth quarter, which ends July 27, subject to customary closing conditions.
Broadware has raised around $33.85 million in total VC funding since 2000, from firms like New Vista Capital, Sigma Partners, Defta Partners, Hitachi Ltd., mc3 Ventures and Dali Hook Partners.