Cisco has announced an intention to acquire cloud and Internet of Things (IoT) company Jasper in a bid to push deeper into the market.
The purchase will provide access to Jasper’s cloud-powered IoT device automation and management platform to add to Cisco's range of connectivity and smart products.
Cisco is already a big investor in the IoT market, and provides support to IoT companies with its involvement in the Ideal London startup centre.
Rob Salvagno, vice president at Cisco’s business development division, revealed Cisco’s plans in a blog post detailing how the two companies share a strategic vision.
“Cisco views Jasper as a unique IoT service platform that is disrupting a massive market with strong strategic alignment with Cisco. Jasper represents the largest platform of scale in the IoT today with over 3,500 enterprise customers and 27 service providers across 100 countries,” he said.
The acquisition is expected to close in the third quarter of 2016, and Jasper chief executive Jahangir Mohammad will become the head of Cisco’s IoT division.
Cisco is likely further to increase its involvement in the IoT arena, creating products and platforms that feed on the most prevalent technology trends in the IT industry.
The company did not explain how Jasper will be integrated into the corporate fold, but it is expected that Jasper’s core business will remain intact and that Cisco will rebrand it under the Cisco banner and create IoT products and services based on the Jasper platform.
Cisco also remained tight lipped on the purchase price, but San Jose Mercury News reported that the company will pay $1.4bn for Jasper.
This is a hefty amount to pay for an IoT company, but it shows Cisco’s commitment to the market.
Cisco is not shy when it comes to major acquisitions, having recently paid a hefty $700m for British collaboration firm Acano.
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