Cisco Systems said that it intends to acquire Silicon Valley-based Internet of Things (IOT) start-up Jasper Technologies Inc. for US$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 US$1.4 billion in its most recent round of venture funding. In addition to connecting devices to the Internet, Jasper makes a software platform that helps monitor these devices once they are online.

Cisco views Jasper as a unique Internet of Things (IOT) service platform that is disrupting a massive market with strong strategic alignment with Cisco. Jasper represents the largest platform of scale in IoT today with over 3500 enterprise customers and 27 service providers across 100 countries.

Cisco Systems, Inc. is an American multinational technology company headquartered in San Jose, California, that designs, manufactures and sells networking equipment.

Did You Know???

Cisco Systems was founded in December 1984 by Leonard Bosack, who was in charge of the Stanford University computer science department’s computers, and his wife Sandy Lerner, who managed the Graduate School of Business’ computers