Cisco to Pay $1.4 Billion for Internet-of-Things Company Jasper | Re/code

In search of more recurring revenue services

"Jasper had raised about $205 million in venture capital investments from Sequoia Capital and Benchmark and more recently from the private equity fund Temasek. Having reached a valuation north of $1 billion, it was considered a candidate for an IPO.

The company makes cloud-based control software that helps companies connect machinery and equipment ranging from vending machines to farming equipment on the Internet. Among its 3,500 customers are the GPS company Garmin, greeting card giant Hallmark and the jet engine manufacturing division of GE.

In a statement, Cisco said it intends to build upon Jasper’s efforts by adding industrial-grade Wi-Fi and improving its ability to analyze data gathered from devices."

Cisco to Pay $1.4 Billion for Internet-of-Things Company Jasper | Re/code