Networking corporation Cisco is preparing to sell off its Linksys division, according to a Bloomberg report. The company is said to have hired British financial services company Barclays to help it find an appropriate buyer.
Linksys, which makes various pieces of SOHO networking tech like wireless routers, was acquired by Cisco in 2003 for $500 million. According to the report, however, \”people with knowledge of the situation\” say that Cisco will probably take in less than that amount when selling the division.
Bloomberg says that the move is part of Cisco\’s overall strategy of exiting the consumer tech market completely. Such a vision would align with the company\’s acquisition and subsequent dissolving of its Flip Video line early last year.
It would also allow the company to quietly deflect the remaining backlash from its Cisco Cloud Connect service, which attempted to group consumers\’ respective Linksys devices together in one hub, but was widely derided for being intrusive and too convoluted for its own good.
Representatives from both Cisco and Barclays declined to comment on the report.