Cisco to acquire CAIS Internet software unit

Network equipment maker Cisco Systems Inc. agreed to acquire Cais Internet Inc.'s Cais Software Solutions unit for $170 million in cash and stock.

Cais Software provides applications that help service providers manage high-speed broadband Internet services in hotels, apartments, airports and office buildings. Cisco (csco) said the transaction, which is subject to various closing conditions, is expected to close in the second quarter of Cisco's fiscal 2001. Cais Internet said gross cash proceeds from the transaction will be about $147 million, of which about 27 percent will be placed in escrow. -- Wall Street Journal Interactive Edition