NEW YORK ― Cisco Systems Inc. said Monday that it has bought privately-held firm Versly to expand in collaboration technology aimed at corporate clients looking to make employees work together more easily.
Cisco did not say how much it is paying for San Francisco-based Versly, which produces a “plug-in” that expands the capability of Microsoft software such as documents, spreadsheets and e-mails.
Collaboration technology is one of five priority areas Cisco is organizing the company around. The network equipment maker estimates that there is a total addressable market of about $45 billion for such technology.
Cisco’s existing collaboration technology includes online meeting service WebEx. It said that it plans to integrate Versly technology with its own products.
Cisco shares rose 29 cents or almost 2 percent to $15.60 in late morning trade on Nasdaq.