On March 15, 2007, Cisco Systems announced that it had agreed to pay $57 per share to acquire WebEx. The deal valued WebEx at about $3.2 billion, or $2.9 billion with WebEx's cash reserves factored into the price. WebEx's largest stockholder was Jan Baan with 9% of outstanding shares. In a press release Cisco said WebEx would "become a part of Cisco's Development Organization while maintaining its unique business model". Cisco has also said that its long-term plan is to absorb WebEx at both a technology and a sales level.