You may not be too familiar with the Pure Digital Technologies name, but you’re probably all too familiar with the company’s flagship product. The Flip Video line of pocket camcorders has been remarkably popular and now its owner has been snagged up by Cisco Systems.

The folks at Cisco have followed through on their offer, purchasing Pure Digital Technologies for the princely sum of $590 million. This does not appear to be a cash deal. Instead, Cisco completed the deal with Pure Digital for that value in company stock.

As part of the agreement, Pure Digital will get absorbed into Cisco’s consumer business group. This group includes other popular consumer products like the Linksys line of home routers and the set-top boxes from the crew at Scientific-Atlanta.

Will having the backing of a huge company like Cisco work wonders for the Flip Video brand? Will we expect many more pocket camcorders in the future? How about a Flip Video that can take stills too?