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Cisco takes stake in Parallels

Networking equipment giant Cisco Systems (CSCO) acquired a minority stake in Parallels, a Seattle-based software developer. The provider of desktop virtualization and cloud services software, said Cisco bought about 1% of the company, which employs 900, adding that the deal doesn't rule out a possible initial public offering by the startup. The companies didn't disclose fin'l terms of the purchase, but said that Cisco will get a seat on Parallel's board. Cisco shares rose 1.9% to 21.02.