US computer networking titan Cisco announced on Wednesday that it is buying Internet of Things service platform Jasper Technologies in a deal valued at $1.4 billion.
“I am excited about the opportunity for Cisco and Jasper to accelerate how customers recognize the value of the Internet of Things,” Cisco chief executive officer Chuck Robbins said in a release.
“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 is a privately held firm based in Silicon Valley and enables businesses to launch, manage, and make money from the Internet of Things (IoT), a reference to the boom in traditionally dumb devices being made smart with computer processors or sensors and then connected online.
“With Jasper, companies 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 services in the cloud,” Cisco said.
The purchase will be made with a combination of cash, assumed equity awards, and retention based incentives.
Cisco planned to build upon the Jasper IoT platform.
“IoT has become a business imperative across the globe,” said Jasper chief executive Jahangir Mohammed.
The acquisition was expected to close early this year.