In an attempt to automate, connect and secure the Internet of things solutions, Cisco has decided to acquire Jasper Technologies, which is better known for its cloud-based IoT service platform. Under the terms of this deal, Cisco has agreed to pay $1.4 billion in cash along with equity awards and retention-based incentives.
Many of the leading businesses from all around the globe use Jasper’s technology to connect different devices and control them from a remote location using Jasper’s SaaS platform. Uninterrupted connectivity and security of data are two major challenges that most of the companies have to deal with in today’s time; Jasper solves these issues with its world-class technology. As of now, it’s working with over 27 service providers and 3500 enterprises globally, which is something Cisco is delighted about.
With this acquisition, Cisco will have access to Jasper’s portfolio and technology that will enable it to combine its IoT expertise with that of Jasper’s and offer a broad range of solutions to international clients. Cisco aims to bring together enterprises, service providers and world-class technology to manage, automate and analyze billions of connected devices and create new opportunities for everyone.
Jahangir Mohammed, CEO, Jasper will run the new IoT unit and will directly report to Cisco GM & SVP Rowan Trollope. Pursuant to customary closing condition, the acquisition will most likely conclude in the third quarter of fiscal 2016.