Cisco Thursday announced its intent to acquire privately held Pure Digital Technologies, creator of the Flip video camcorder for consumers, for $590 million in stock.

Pure Digital is a “pioneer” in developing consumer-friendly video with mass-market appeal, Cisco says. The acquisition of Pure Digital is key to Cisco’s strategy to expand momentum in the media-enabled home and to capture the consumer market transition to visual networking, the company said in a statement.

In addition to exchanging $590 million in stock for all Pure Digital shares, Cisco will provide up to $15 million in retention-based equity incentives for continuing employees. The acquisition is expected to close in the fourth quarter of Cisco’s fiscal year 2009.

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