The case first describes the evolution of Cisco Systems of San Jose, California, from a narrowly-focused routing and switching equipment vendor, with a highly effective competitive strategy, into a diversified networking and IT giant.

This case provides a unique illustration of how a high-tech European new venture starts-up, grows, burns cash, stumbles, adapts, captures value, disappoints, survives on the verge of bankruptcy to eventually achieve in the fall of 1995 among the most successful IPOs on NASDAQ. On 27 November 1995, L&H received an IPO pricing proposal of H and Q at the low end of the pricing range, after L and