The pace of technology deals continued to accelerate Thursday when Cisco Systems Inc. said it would snap up online conferencing company WebEx Communications Inc. for $3.2 billion in cash.

Cisco, the networking-gear maker that briefly became the world's most valuable company during the dot-com boom, is on a spending spree to branch into new markets. WebEx dominates two-thirds of the growing business for Web-based meetings.

The planned acquisition boosted the value of announced technology deals in the U.S. so far this year to $31.7 billion, up from $23.5 billion at this time last year, according to research firm Thomson Financial.

If the shopping spree continues as many analysts project, 2007 will top last year as the biggest for technology mergers since the height of the dot-com boom. Technology mergers and acquisitions could reach $120 billion this year, up from $109 billion last year, said Richard Peterson, director of capital markets at Thomson Financial in New York. Read More

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