And while Cisco's currency has slipped enormously since its peak, so have the valuations of companies in the optical networking space. Its all relative. Cisco's currency is down, but there are so many companies in the space that have gotten funding. There is no way that even 5 or 10 percent will be able to survive. There are so many companies that do the same thing, and if Cisco won't buy them, they are out.
Cisco can still call the shots.
Kamman believes it's likely that Cisco will try to buy back into the high-end market. But private companies have little access to the public markets right now. Tellium, for instance, has been stuck in IPO registration since the markets collapsed. But a new acquisition probably would not happen immediately. For one thing, Cisco is busy sorting out its own affairs and may not be up to absorbing another company.