Cisco Systems plans to take over Jasper entirely for $1.4 billion in cash to step up its game in IoT sector.
Cisco Systems is stepping its game up in Internet of Things (IoT). It has recently made headlines regarding its acquisition of a startup, Jasper Technologies, for almost $1.4 billion in cash. The American IT company is proceeding with the hope of helping its users to connect more efficiently with their devices and normal equipment at home through automation.
Jasper Technologies is not a stranger to the IoT, and is very efficient at it. It creates cloud control software that aids the connection of smart electronics, such as vending machines, pace makers, washing machines, etc. Cisco Systems is enhancing its services of Internet of Things with this takeover, as it already has plans of adding IoT in its devices, giving more control to its users over their equipment than ever before.
The Information Technology organization will be signing the deal very soon. Once it is finalized, it can give a huge success to the business. Jasper has already managed to raise $205 million through investment and now has value of almost $1 billion. It has many customers in almost 100 countries around the world, which is acknowledged by Cisco.
Through this takeover, Cisco will have a platform to store user data through the cloud technology, which will enable the company to provide services to its customer efficiently. The CEO of the IT Company, Mr. Salvagno, believes that these two businesses can easily merge, as they are ‘culturally fit’ for one another. He also informed that the business is planning to retain the current employees of the acquired company, which must be relieving for many employees of Jasper.
The CEO of Cisco is going to keep the current workers of Jasper at their designated posts, which is good news for the workers and an indication that as soon as the deal is completely sealed, work will begin quicker than most mergers. The company will be seen at the top of the game in IoT soon, thanks to this acquisition.
According to BidnessETC, VP of Cisco, Rowan Trollope, said regarding the development during a conference call, “Jasper in the industry is viewed as the leading IoT platform. It solves the problems that come about when you attempt to connect at scale and to do it globally…What that means for our customers is that they can connect a car, a jet engine, a pacemaker or an ankle bracelet easily.” The customers of the American tech organization will receive better and easy technology through this takeover.