Back in 2003, Cisco purchased Linksys for $500 million as a way to get its foot into the door of consumer electronics as it previously had focused mainly on corporate software and technology services, but according to a new Bloomberg report, it looks as though the company is looking to sell Linksys nearly ten years after acquiring it.
According to Bloomberg’s sources, Cisco has hired Barclays Plc to find a buyer for Linksys which will likely be at a loss as the company will be unable to sell it for $500 million as Linksys is seen as a “mature consumer business.”
No word has officially come from Cisco, Linksys or Barclays with Bloomberg receiving declines to comment on the situation. We’re hoping a consumer electronics company can buy the good name of Linksys and continue supplying people with the routers and other various home networking goods they rightfully deserve. Although, when you consider how many home network needs are handled by the ISP like Verizon FiOS, we can certainly see why Linksys would be on the decline these days.