Cloud-based IoT company to be acquired by technology company
Cisco (NASDAQ: CSCO) announced its intent to acquire Jasper Technologies, Inc., a privately held company based in Santa Clara that delivers a cloud-based Internet of Things (IoT) service platform designed to help enterprises and service providers launch, manage and monetize IoT services on a global scale. Under the terms of the agreement, Cisco will pay $1.4 billion in cash and assumed equity awards, plus additional retention-based incentives.
The proposed acquisition is intended to allow Cisco to offer an IoT solution that is interoperable across devices and works with IoT service providers, application developers and an ecosystem of partners. Cisco will build upon the Jasper IoT service platform and add additional services such as enterprise Wi-Fi, security for connected devices, and advanced analytics for better device usage management.
Jasper specializes in IoT service platform in terms of number of enterprises and service providers; in fact, many of the world’s largest enterprises and service providers are using the Jasper platform to scale their IoT services business globally. Jasper develops and provides a software as a service (SaaS) platform with an IoT business that manages and drives a wide range of connected devices and services for more than 3500 enterprises worldwide, working with 27 service provider groups globally.
The acquisition is expected to close in the third quarter of fiscal year 2016, subject to customary closing conditions.
Cisco Systems, Inc.
Jasper Technologies, Inc.
– Edited from a Cisco press release by CFE Media. See additional Control Engineering industrial networking stories.