BroadSoft obtains antitrust clearance for pending acquisition by Cisco

GAITHERSBURG, MD - January 18, 2018 - BroadSoft, Inc. (NASDAQ: BSFT) today announced that it received notice from the U.S. Department of Justice and the Federal Trade Commission granting early termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with its pending merger with a wholly-owned subsidiary of Cisco Systems, Inc. (Cisco).

As previously announced, BroadSoft entered into an agreement to be acquired by Cisco for $55 per share, in cash, in exchange for each share of common stock of BroadSoft, or an aggregate purchase price of approximately $1.9 billion net of cash, assuming fully diluted shares including conversion of debt. The acquisition has been approved by the board of directors of each company. The transaction is expected to close in the first quarter of calendar year 2018, subject to approval by BroadSoft’s stockholders, remaining foreign regulatory approval, and other customary closing conditions.

BroadSoft has scheduled a Special Meeting of Stockholders for January 25, 2018 at 9:00 a.m. Eastern Time to vote on the proposed transaction. The BroadSoft Board of Directors unanimously recommends that stockholders vote “FOR” the proposal to adopt the merger agreement with Cisco.