Microsoft is beefing up its office productivity business, announcing Wednesday it would acquire Visio in a stock swap worth $1.3bn (£810m).
Visio makes technical drawing and business diagramming software. The company will become the Visio Division of Microsoft's business productivity group. Visio CEO Jeremy Jaech will become a vice president and will report to Microsoft senior vice president Bob Muglia the productivity group. The deal calls for Microsoft to exchange 0.45 shares of its stock for each share of Vision stock, giving it a value of around $1.3bn. The deal must get the approval of regulators and Visio shareholders.
Microsoft said there would be no immediate changes in Visio's operating procedures, and added that the company would continue working on its Visio 2000 editions.