Cisco Systems, the world's largest maker of networking equipment, expects the IT market to recover within months, its chief executive was quoted as saying on Wednesday.
"In the next two to four months, companies' spending on IT products will recover. In two to six quarters, that will translate into a recovery in investments by Internet and telecom providers," Dutch daily Het Financieele Dagblad quoted Cisco Chief Executive John Chambers as telling reporters in San Jose, California.
Chambers based his prediction on numerous conversations he had held in recent months with economists and with top executives of companies including Spain's Telefonica, Boeing Co. and financial services firm Citigroup, the newspaper said. Cisco is on the lookout for more acquisitions after taking over dozens of companies in the last decade and has more than $20 billion at its disposal, Chambers was quoted as saying.
"We are going aggressively on the takeover trail. But we will now do fewer, more focused takeovers," he said.