Belkin, a maker of smartphone casings and computer peripherals, said Thursday that it has acquired Cisco's home networking business, including its Linksys router brand. Neither Belkin nor Cisco announced the price of the acquisition, and the transaction is expected to be completed in March.
Belkin plans to retain the Linksys brand and continue to provide warranty coverage for current and future Linksys products. The company said that after the acquisition is completed, it will occupy about 30% of the US home and small business network equipment market.
Cisco is gradually stripping products that are directly facing consumers. Cisco announced a strategy last month, hoping to become a leading enterprise IT company. In 2011, Cisco closed its Flip video camera business for the consumer market. Last year, Cisco acquired the British software company NDS Group. The company's software helps cable and satellite TV companies publish content to users' digital camcorders, tablets, and smartphones.
Hilton Romanski, Cisco's vice president of corporate development, said in a blog on Thursday that Belkin and Cisco will continue strategic cooperation in the service-oriented business. He said: "We are confident that Belkin is the best acquirer. After Belkin acquired Linksys, we look forward to the company's development."
Belkin CEO Chet Pipkin (Chet Pipkin) said that Belkin's ultimate goal is to become the world's leading connected home and wireless network company, and the acquisition of Cisco's home network business is an important step.
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