http://software.seekingalpha.com/article/29891

Summary: Cowan software analyst Peter Goldmacher thinks WebEx Communications (WEBX) will be making the wrong move if it sells itself to Cisco Systems Inc. (CSCO) for its $3.2 billion/$57 a share offer. To be sure, the price (28x 2007 free cash flow) is reasonable. But Goldmacher thinks networking giant Cisco doesn't really understand nor have the wherewithal to capitalize on the "on demand" data software that is WebEx's strong suit. Enterprise software giants such as International Business Machines Corp. (IBM), SAP AG (SAP) or Oracle Corp. (ORCL) could do a far better job growing out WebEx's applications that allow workers to share information simultaneously. WebEx CEO Subrah Iyar insists that Cisco does understand the potential of on-demand, and says he doesn't think he's selling his company's potential short. He also says Cisco told him they would enter web-based collaboration with or without WebEx. Goldmacher speculates a counter-offer may be in the making.