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Cisco System's chief executive John Chambers said he's seeing a "steadying" among his customers, a sign to him that an economic upturn could be here by the turn of the calendar year. And that appears to be giving him the confidence to strike some deals. "We don't want to come out of this slowdown with $33 billion in cash," Chambers said during an interview with CNBC, following the release of better-than-expected first quarter earnings by Cisco. Chambers said the company will use cash on investments, acquisitions and internal development. The networking giant's CEO went on to tout that Cisco has made three acquisitions in the last 90 days. Those deals include the $105 million purchase of Tidal Software, which focuses on application management and automation solutions for data centers, and Cisco's $590 million pick up of Pure Digital, maker of the Flip Video. Chambers pointed out that the acquired companies don’tnecessarily fall into the “advanced technologies” category, which is Cisco’smain business focus. Cisco first fueled speculation that it was about to go on a buying spree when it raised $4 billion through a debt offering in February. Prior to raising the cash, Cisco indicated it was eyeing consumer video, virtualization software, cloud computing and data center technology. With its recent deals, Cisco has already checked off a couple of items from that wish list. Don't be surprised to see Chambers, with the biggest cash pile in the tech world, get everything he wants.
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