Cisco Systems Inc, the world’s largest maker of networking equipment, said that it is to acquire closely held Jasper Technologies Inc for US$1.4 billion, bolstering its offerings in the growing market for technology that lets people manage devices like jet engines and vending machines over the Internet.
Jasper’s products let customers connect appliances, electronics and other products over cellular networks, then manage them through software. Cisco is to pay cash and assumed equity awards plus additional incentives, the San Jose, California-based company said in a statement released on Wednesday.
Under chief executive officer Chuck Robbins, Cisco is working to extend its reach beyond corporate networking as more kinds of devices and products — from refrigerators and thermostats to industrial equipment — become capable of linking to the Web, giving them new functionality and allowing them to be controlled in new ways.
This market, called the Internet of Things (IoT), would create billions of new connections that Cisco technology can help build, secure and manage, Robbins has said.
“Cisco sees IoT as both a top priority for the company as well as a massive market opportunity,” vice president of corporate development Rob Salvagno said.
Jasper chief executive officer Jahangir Mohammed is slated to join Cisco to run the new IoT Software Business Unit, Cisco said.
The closely held company has more than 3,500 corporate customers worldwide.
Jasper’s software is already in use by Ford Motor Co and Nissan Motor Co, enabling users to remotely unlock doors, start the engine or call emergency roadside assistance.
Amazon.com Inc’s Kindle electronic readers use Jasper software to get e-books delivered over the Internet, and Heineken NV uses it to monitor beer quality and keg levels.
General Electric Co jet engines connected via the technology deliver performance data to maintenance engineers on the ground, reducing costs, according to Jasper’s Web site.
Robbins, who took over from John Chambers last year, is looking to rekindle sales growth at Cisco.
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