Video Conferencing Vendor Polycom Looking to Buy, Not Be Bought
NEW YORK, June 22 (Reuters) - Polycom Inc's (NASDAQ:PLCM) new chief executive said the videoconferencing company was not in any talks with potential buyers, but instead expects to become more active in pursuing acquisitions of its own.
Andrew Miller, who was named CEO last month, said the company was interested in buying companies with niche, cloud computing or mobile technology that would contribute to Polycom's videoconferencing products.
"We're going to become more active in M&A," he said, adding that Polycom was in a strong financial position. The company ended last quarter with $470 million in cash and investments and no debt.
Miller's prime challenge will be competing against network equipment giant Cisco Systems Inc (CSCO.O), which recently acquired videoconferencing leader Tandberg. The deal has also spurred talk that Polycom could also be a buyout target.
Polycom shares were down 82 cents, or 2.55 percent, at $31.35 in late trade. (Reporting by Ritsuko Ando, editing by Leslie Gevirtz)