Cisco Buys IoT Cloud Provider Jasper for $1.4B
Cisco said Wednesday it has agreed to acquire Jasper Technologies, a privately held company that delivers a global, cloud-based Internet of Things service platform for enterprises and service providers, for $1.4 billion.
Jasper allows companies to connect any device -- "from cars to jet engines to implanted pacemakers" -- via the cellular networks of global service providers and manage connectivity through Jasper's SaaS platform, the companies said in a joint press release. (See Cisco Announces Intent to Acquire Jasper Technologies for IoT.)
Jasper helps customers connect and secure devices and collect and analyze data from connected devices, the vendors added.
Jasper's SaaS platform provides predictable, recurring revenue for more than 3,500 enterprises and 27 service providers globally, according to the companies.
Cisco says it will augment the IoT platform with enterprise WiFi, security and advanced analytics.
Jasper CEO Jahangir Mohammed will run the new IoT Software Business Unit under Rowan Trollope, Cisco senior VP and general manager, IoT and Collaboration Technology Group.
The acquisition is expected to close in the third quarter, subject to customary closing conditions. Cisco will pay for the purchase with a mix of cash and assumed equity awards, plus retention-based incentives.
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