Cisco to Buy Topspin - $250M

Cisco Systems Inc. said Thursday that it agreed to purchase privately held Topspin Communications Inc. for about $250 million cash and stock.

Company raised over $60M from Accel, Advent, Meritech, Presidio VP, Redpoint. Last round raised was in '03.

More from TheStreet:"Cisco needs new product markets to revive its growth prospects. In recent years, the company has targeted areas such as security and storage networking as potential growth areas. But in storage, for example, nearly two years of toil have left Cisco with only a small portion of the business."