San Jose-based Cisco Systems Inc. just cut 60 jobs at its home networking unit in Irvine and plans to trim 6,500 more companywide in coming months.
The cuts here were related to the recent shutdown of the Flip video camcorder business owned by the maker of networking products and other gear.
The broader trim comes as Cisco looks to get back on track after several quarters of disappointing results.
The company is taking its marketing up a notch here, in any case.
The Cisco Entrepreneur Institute Training Center for the Western U.S. will be housed at the Irvine Incubation Center, an 11,000-square-foot space dedicated to helping fledgling technology companies.
It will be the first such center by Cisco in the country, offering business seminars and workshops on startup preparation, strategic growth, efficient management and other subjects.
The addition fits with the incubation center’s mission to give a hand to the region’s startups and small- to medium-sized businesses through mentorship, funding information and networking opportunities.
“The Cisco program allows a way to reach (companies) and grow them out,” said Bob Flack, managing director of the incubation center.
Cisco has started similar centers in Southeast Asia, the Middle East and South America, so establishing one here is a coup of sorts.
Cisco was attracted to the county’s base of manufacturers, medical device makers and technology companies, according to Flack.
The Irvine center opened last year and has about nine companies in residence and six businesses in various stages of development.
The Cisco program aims to train about 100 startups in the next year.
The first classes are expected to begin in August or September.
Quest Backs Another
Aliso Viejo-based Quest Software Inc. recently led an $11 million financing round for Jaspersoft Corp., a business software maker in San Francisco.
Quest, which makes business software that helps companies improve efficiency, led the round with Raleigh, N.C.-based Red Hat Inc. and SAP Ventures North America in Palo Alto.
The funding will be used to develop new products, push global expansion and for potential strategic acquisitions, the company said.
The deal marked Quest’s first investment in Jaspersoft.
“This is the time for scalable, affordable, self-service business intelligence,” said Shayne Higdon, managing director of Corporate Development at Quest.
Quest is a frequent company buyer and investor.
In May it joined the venture arm of Intel Corp. to lead a $6.5 million funding of Mountain View-based WSO2 Inc., which makes what’s known as middleware, or software that allows different computers and programs to work together.
Quest bought Missoula, Mont.-based RemoteScan Corp., a maker of software that tracks scanners and other imaging devices on corporate networks, the same month.
Earlier this year, Quest took a stake in Irvine-based security software start-up SecureAuth Corp.
In the first quarter, Quest purchased BakBone Software Inc., a San Diego-based maker of data protection software, for $55 million.
Bits and Pieces
Raymond James Equity Research maintained its “outperform” rating on Santa Ana-based Ingram Micro Inc. despite a cut on the consensus for the distributor’s second-quarter earnings due to “near-term margin issues.” Raymond James cut its earnings estimate on Ingram to $61 million from $67.6 million. It remained confident that Ingram “can at least meet Street revenue and (earnings) estimates,” according to the July 11 report. Wall Street analysts are forecasting profits of $75 million on sales of $8.6 billion. Raymond James expects gross margins to remain below management’s targeted 5.4% for the second and third quarters, but said they should improve the remainder of the year. Ingram is the biggest distributor of computers, software and other technology products … Santa Ana-based Powerwave Technologies Inc. recently cut its sales outlook for the second quarter, citing global economic concerns. The company, which makes cellular base station gear for wireless networks, said it expects revenue in the range of $168 million to $172 million, down from $170 million to $180 million. Wall Street is expecting revenue of $170 million. Chief Executive Ronald Buschur said the company is on track for meeting the bottom range of its 2011 revenue estimate of $650 million to $680 million.
