Cisco Systems will acquire open source email and calendar software-maker PostPath for $215 million. Cisco VP Charles Carmel says the company will integrate PostPath, usually called an alternative to Microsoft's Exchange, with WebEx software, which Cisco acquired for $3.2 billion in March 2007. It's only big-spending Cisco's fourth buy of the year — for the networking giant, a tightening of the purse. There were zero tech IPOs last quarter and also relatively few major acquisitions. Which means PostPath investors Matrix Partners, Jafco Ventures and Worldview Technology Partners are no doubt gluttonously bathing in the schadenfreude this morning.

Instant messaging service Meebo will today announce $25 million in funding from JAFCO Ventures, KTB Ventures and Time Warner, which spent $850 million to buy social network Bebo in March. Meebo founder Seth Sternberg only began looking for more funding that same month, hiring Montgomery & Co and hoping to raise $25 million to $30 million to set the company's value at $250 million. Today's funding round values the company at $200 million, the WSJ reports. Last year, funding valued Meebo at $90 million. But the real question is, how exactly does anyone expect to make money with instant messaging?