Cisco Completes Deal for IPmobile

Cisco Systems Inc., the world’s largest provider of computer-networking products, said it has completed the acquisition of closely held IPmobile Inc. for $425 million in stock.

IPmobile, based in Richardson, Texas, is developing software to help make faster Internet connections. Cisco made the announcement in a statement issued by Business Wire.

Cisco is buying IPmobile as it moves to develop products to help deliver high-speed Internet connections on wireless networks.

When it announced the planned acquisition on Aug. 1, Cisco said it would take a charge of about 3 cents a share related to the deal.

Shares of San Jose-based Cisco closed Friday at $69.56, up $3.06 on the week. U.S. markets were closed Monday for the Labor Day holiday.