Cisco to pay US$1.4b for IoT firm Jasper Tech

San Francisco

CISCO Systems Inc said on Wednesday that it was buying Jasper Technologies Inc, a startup that connects devices like cars and medical devices to the Internet, for US$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 (IoT), offers Cisco, known for networking equipment, a chance to offer cutting- edge technology to its current customers.