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Cisco to buy Composite Software for about $180M

Friday - 6/21/2013, 4:28pm  ET

San Jose, Calif. (AP) -- Cisco, a maker of computer networking equipment, said Thursday that it plans to buy software company Composite Software for about $180 million, adding to its services for businesses.

Composite, based in San Mateo, Calif., is a privately held company whose software helps businesses quickly gather and comb through data. Cisco sells routers, switches, software and services to corporate customers and government agencies around the world.

The deal is expected to close in the first quarter of fiscal 2014.

Shares of San Jose, Calif.-based Cisco fell 22 cents to $24.47 in morning trading.

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