Under the terms of the deal, Cisco will pay $1.4 billion in cash and assumed equity awards, plus additional retention based incentives.
Led by Jahangir Mohammed, Chief Executive Officer, who will run the new IoT Software Business Unit under Rowan Trollope, Cisco senior vice president and general manager, IoT and Collaboration Technology Group, Jasper provides a cloud-based IoT service platform that allows enterprises and service providers to launch, manage and monetize their IoT services business globally. With Jasper, users can connect any device – from cars to jet engines to implanted pacemakers – over the cellular networks of the top global service providers, and then manage connectivity of IoT services through the SaaS platform.
The company currently serves more than 3500 enterprises worldwide, working with 27 service provider groups globally.
The acquisition, which is expected to close in the third quarter of fiscal year 2016, subject to customary closing conditions, will allow Cisco to offer a complete IoT solution interoperable across devices and working with IoT service providers, application developers and an ecosystem of partners and add new IoT services such as enterprise Wi-Fi, security for connected devices, and advanced analytics to better manage device usage.