Belkin agreed to acquire Cisco’s Home Networking Business Unit, including its products, technology, Linksys brand and employees. Financial terms were not disclosed.
Belkin, which is headquartered near Los Angeles, is a privately-held company with more than 1,200 employees in 21 countries. It offers a similar portfolio of networking products for consumers and small business.
After the transaction closes, Belkin estimates that it will account for approximately 30 percent of the U.S. retail home and small business networking market.
"Our two organizations share many core beliefs – we have similar beginnings and share a passion for meeting the real needs of our customers through the strengths of an entrepreneurial culture. Belkin’s ultimate goal is to be the global leader in the connected home and wireless networking space and this acquisition is an important step to realizing that vision," said Chet Pipkin, CEO of Belkin.
- In March 2003, Cisco Systems acquired The Linksys Group for approximately $500 million in Cisco common stock.
- Linksys was founded in 1988 in Taiwan and now has its headquarters in Irvine, California.