(The Hosting news) – Cisco has found a buyer for its router subsidiary. On Thursday, Hilton Romanski who heads the company’s Corporate Business Development division, announced that Cisco would sell Linksys to electronics manufacturer Belkin.
Financial details regarding the acquisition costs were not disclosed.
Discussing the matter via Cisco’s blog, Romanski called Linksys a “strong and enduring brand with a talented team” and noted the joining of the two companies would “create a world-class consumer networking technology provider with complementary innovation and engineering strategies.”
“Linksys will enhance Belkin’s capabilities to meet the needs of OEMs, as well as provide access to a large user base. Belkin and Cisco intend to pursue a strategic relationship focused on a variety of initiatives including retail distribution, strategic marketing and products for the service provider market,” Romanski went on to say.
The move comes as no surprise, though. In December, a report from Bloomberg.com noted Cisco had hired financial provider Barclays to help search for a buyer.
The tech provider has kept busy attempting a strategy shift as it focuses more on serving business instead of the consumer market.
Cisco initially purchased Linksys back in 2003 for $500 million. Earlier this month, the company announced its intent to purchase self-optimizing network provider Intucell.