Cisco eats up Tandberg at $3 billion tag

Giant networking company Cisco said it has bought Norwegian firm Tandberg for $3 billion.

The offer, which is purely a cash transaction, gives Cisco more leverage into the market of collaborative software.

Tandberg makes teleconferencing systems and last time it reported results for 2008 showed it had turned over $800 million.

Cisco is eager to extend its portfolio of so-called “telepresence” – the ability to connect groups of people using high definition video across the world.

It is cheaper than flying people from place to place, and since the credit crunch  more and more large corporations have drastically cut travel budgets.