Cisco Plans to Make 8 to 10 Acquisitions
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Cisco Systems Inc. will move into new markets this fiscal year through acquisitions, but large, public companies such as Nortel Networks Corp. are not a target, Chief Executive John Chambers said.
The well-regarded technology leader declined to give his full view on the economic situation, but he did say the pace of global layoffs will “unfortunately get worse before it gets better.”
He also refused to speak to Cisco’s fiscal first-quarter results ending Oct. 31.
Chambers said he sees Cisco taking advantage of the depressed valuations of technology companies by buying eight to 10 small to medium-size companies this fiscal year.
Meanwhile, Cisco said in a regulatory filing that Chambers did not receive a bonus for the fiscal year ended July 28.
During fiscal 2000, Chambers brought home $157.3 million, including a $1-million bonus, after exercising stock options.
Cisco shares fell 42 cents to close at $11.48 on Nasdaq.
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