Cisco Systems Inc is planning to buy Jasper Technologies Inc., a start-up that connects devices such as cars and medical devices to the Internet, for $1.4 billion in cash and equity awards, its largest acquisition since 2013.
Legacy technology companies like Cisco have been trying to find paths for growth while new technology developments, such as the rise of cloud computing, threaten their core businesses. The emerging field, dubbed Internet of Things, offers Cisco, known for networking equipment, a chance to offer cutting-edge technology to its current customers.
In addition to connecting devices to the Internet, Jasper makes a software platform that helps monitor these devices once they are online.
Cisco to pay $1.4 billion for IoT firm Jasper
