Networks manufacturer snapped up Californian SaaS platform provider in cash deal
US network firm Cisco Technologies has acquired Jasper Technologies for $1.4 billion as it looks to move into the Internet of Things space.
Californian company Jasper owns a leading software-as-a-service platform in the IoT space, with over 3,500 enterprise customers, and works with 27 service providers across 100 countries.
“I am excited about the opportunity for Cisco and Jasper to accelerate how customers recognise the value of the Internet of Things,” said Cisco CEO Chuck Robbins.
“Together, we can enable service providers, enterprises and the broader ecosystem to connect, automate, manage, and analyse billions of connected things, across any network, creating new revenue streams and opportunities.”
The deal will see the creation of a new division within Cisco that will oversee it’s bid to tackle the growing IoT space.
The IoT Software Business Unit will be led by Jasper CEO Jahangir Mohammed. He will report directly in to Cisco senior vice president and general manager Rowan Trollope.
“IoT has become a business imperative across the globe,” Mohammed explained. “Enterprises in every industry need integrated solutions that give them complete visibility and control over their connected services, while also being simple to implement, manage and scale.
“By coming together, Jasper and Cisco will help mobile operators and enterprises accelerate their IoT success.”
Cisco said it expects the takeover to be completed in the third quarter of fiscal year 2016.