Stepping through the wreckage of the telecommunications industry, one-time acquisition-hungry Cisco Systems Inc. has found its M&A appetite again. The $80 billion market cap telecom equipment maker was once known for its high paced, smooth M&A integration program, a pace that was decimated in 2001, as the industry caved in. But since May 2002, in spite of its market value being 50% of what it was last December, San Jose, Calif.-based Cisco has stepped up its program, making five purchases.
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