Cisco's proposed acquisition of Jasper Technologies will bring together connectivity, security, automation and real-time insights for a complete IoT service solution, claims the networking giant. Jasper Technologies is a privately held company based in Santa Clara that delivers a cloud-based IoT service platform to help enterprises and service providers launch, manage and monetise IoT services on a global scale.
Under the terms of the agreement, Cisco will pay $1.4bn in cash and assumed equity awards, plus additional retention based incentives.
The Jasper IoT service platform automates the management of IoT services across connected devices and enables companies to create new business models that transform their products into connected services and generate new sources of ongoing revenue.
Jasper develops and provides a SaaS platform with a predictable, recurring revenue IoT business that manages and drives a wide range of connected devices and services for more than 3,500 enterprises worldwide, working with 27 service provider groups globally.
The proposed acquisition will allow Cisco to offer a complete IoT solution that is interoperable across devices and works with IoT service providers, application developers and an ecosystem of partners.
Cisco will continue to build upon the Jasper IoT service platform and add new IoT services such as enterprise Wi-Fi, security for connected devices, and advanced analytics to better manage device usage.
Chuck Robbins, Cisco Chief Executive Officer, said: "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."
Jahangir Mohammed, Jasper Chief Executive Officer, added: "IoT has become a business imperative across the globe. 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."