Cisco (Nasdaq: CSCO) is downsizing its work force and narrowing its focus in some areas, but the company is not ignoring growth opportunities either.

The networking giant said early Monday that it is acquiring a software services firm from Comptel Corporation in Finland for some $31 million. The subsidiary that Cisco is buying is based in the U.K. and was known as Axiom Systems before becoming part of Comptel.

Last week, Cisco also announced plans to expand its presence in Canada and add 300 workers.

Cisco operates its second largest campus outside of its Silicon Valley headquarters in RTP.

According to Cisco, the deal will enable customers to add new video, data, mobile and cloud computing services for their clients. Axiom personnel will join Cisco as part of the deal. Cisco already offers Axiom’s lead product know as AXIOSS.

“As more users, connected mobile Internet devices and bandwidth intensive applications drive the explosive growth in IP-based networks, service providers continue to invest in their infrastructure to support customers’ needs,” said Jesper Andersen, senior vice president and general manager, Network Management Technology Group at Cisco, in a statement.

“With the acquisition of AXIOSS software and talent, we will help enable service providers to generate greater profits using a single management architecture to drive quick monetization and optimization of their Cisco network investments,” he added.

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