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Cisco Acquires Stake in Russian Software Developer Parallels

Cisco Systems Inc. (CSCO) acquired a stake in Russian software developer Parallels to cooperate in providing cloud services.

Cisco bought a stake of about 1 percent and will get a seat on Parallels board of directors, the Russian company said by e- mail. The two companies have worked together to provide cloud services for companies including Sprint Nextel Corp. and America Movil SAB, Parallels said.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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