Cisco Bids $1.4 Billion For IoT Software Firm Jasper Technologies

Cisco Systems said Wednesday it intends to acquire Silicon Valley Internet of Things startup Jasper Technologies Inc. for $1.4 billion in cash. Jasper allows companies to manage connected objects through cellular networks with a cloud-based software program, and was valued at $1.4 billion in its most recent round of venture funding, according to The Wall Street Journal. "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 Chuck Robbins said in the announcement. Jasper CEO Jahangir Mohammed will helm a new Cisco business unit focused on IoT software, reporting to senior vice president Rowan Trollope. The deal, which also includes assumed equity awards and retention-based incentives, is expected to close in the current fiscal quarter, Cisco said.