New York/San Francisco — Cisco Systems agreed to buy BroadSoft for about $1.9bn to expand further into software and cloud services. Cisco will pay $55 a share in cash, according to a statement from the company on Monday. Cisco has had an acquisitive year as CEO Chuck Robbins adapts to a shift in the networking industry toward less-expensive software-based services and away from traditional hardware, which provides Cisco with most of its revenue. The San Jose, California-based company has announced eight acquisitions in 2017, according to data compiled by Bloomberg. BroadSoft, which has a market value of about $1.7bn, had been working with Jefferies to seek suitors. It earlier attracted interest from buyout firms Searchlight Capital Partners and Siris Capital, people familiar with the matter said. Bloomberg reported over the weekend that a deal with Cisco was close. BroadSoft provides cloud communication services to businesses in about 80 countries, according to its website. Founded ...
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