Networking giant Cisco is beefing up its Internet of Things (IoT) solutions with the acquisition of Jasper Technologies cloud-based IoT service platform. Under the terms of the agreement, Cisco will pay $1.4 billion in cash and assumed equity awards, plus additional retention-based incentives for Jasper employees who join Cisco.
Ten-year-old Californian business, Jasper is the industry’s leading IoT service platform in terms of number of enterprises and service providers - more than 3500 enterprises are using the Jasper IoT platform globally, in over 100 countries using 27 different mobile providers. Jasper’s platform enables organisations to connect to any device – from cars to jet engines to implanted pacemakers – over mobile networks, and then manage the connectivity of IoT services through Jasper’s SaaS platform. Jasper customers include
“I am excited about the opportunity for Cisco and Jasper to accelerate how customers recognize the value of the Internet of Things,” said Chuck Robbins, Cisco Chief Executive Officer. “Together, we can enable service providers, enterprises and the broader ecosystem to connect, automate, manage, and analyze billions of connected things, across any network, creating new revenue streams and opportunities.”
Jasper CEO Jahangir Mohammed will run the new IoT Software Business Unit under Rowan Trollope, Cisco senior vice president and general manager, IoT and Collaboration Technology Group. The acquisition is expected to close in the third quarter of fiscal year 2016, subject to the usual approvals.