Cisco Systems Nears Deal To Acquire Software Maker BroadSoft

(RTTNews) - Cisco Systems Inc. (CSCO) is close to a deal to acquire software maker BroadSoft Inc., Bloomberg reported citing people familiar with the matter.

A deal could be announced as soon as Monday, the report said. BroadSoft, which has a market value of about $1.7 billion, has been working with Jefferies Group to seek suitors. It earlier attracted interest from buyout firms Searchlight Capital Partners and Siris Capital Group, the report said Oct. 4.

The report noted that the transaction hasn't been finalized and details may change. Cisco could be interested in BroadSoft to secure its position in the contact center and collaboration markets, William Blair & Co. analyst Dmitry Netis wrote in a note to clients in August.