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With the acquisition of the Viennese software company SolveDirect Service Management GmbH, which specialises in cloud-based solutions for service management integration, the NASDAQ-listed Cisco group aims to extend its portfolio of smart and connected IT services. The share transfer agreements were signed on 25 March 2013 at the offices of Binder Grösswang in Vienna.
A particular challenge of this transaction was posed by the considerable time difference between Austria and California, where Cisco’s corporate headquarters and the headquarters of its lead counsel Fenwick & West are located. Florian Khol comments: “I am proud of my team. Due to the significant time difference, working hours during the night were required on a regular basis, a task that we mastered brilliantly, thereby substantially contributing to the timely success of the transaction.”
The transaction is subject to conditions precedent as agreed under the share transfer agreement.