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Cisco buying Israel's Leaba Semiconductor for $380 million - report

The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology conference in Chicago, Illinois, May 4, 2015. REUTERS/Jim Young (Reuters)

TEL AVIV (Reuters) - Cisco Systems is acquiring Israel's Leaba Semiconductor for $380 million, the Ynet news website reported on Wednesday. Little is known about Leaba, a company that designs communications chips. It was founded in 2014 by its chief executive Eyal Dagan and its chief technology officer Ofer Eini, who set up and sold Dune Networks to Broadcom in 2009 for $200 million. Investors in Leaba include Pitango Venture Capital of Israel and Bessemer Venture Partners, Ynet said. Cisco is actively investigating the best ways to meet future market needs related to silicon," the company told Reuters. "We are evaluating and discussing different options as part of our build, buy, partner and integrate strategy. We will update the market as soon as there is news to share." Officials at Leaba, based in the coastal town of Caesarea, declined to comment. This would be Cisco's 12th acquisition in Israel, the most recent one being that of Intucell for $475 million in 2013. (Reporting by Tova Cohen; Editing by Steven Scheer)