Cisco To Buy Software Firm Imimobile In $730 Million Deal

CIOReviewIndia Team | Tuesday, 08 December 2020, 04:59 IST

Cisco, the communications equipment giant on Monday said it has agreed to pay $730 million for IMIMobile, the London provider of customer-relation-management software.

The deal price is stated at 5.95 pounds ($7.82) a share cash. The deal price is net of IMIMobile’s cash, which includes its debt.

Cisco will be using IMImobile’s enterprise software for offering clients an end-to-end customer-interaction-management solution including text, voice, and social.

Jeetu Patel, senior vice president and general manager of Cisco’s security-and-applications business, said, “A great customer relationship is built on consistently enjoyable interactions where every touchpoint on every channel is an opportunity for businesses to deliver rich, engaging and intuitive experiences.”

Cisco’s Webex contact center, which is added with IMImobile’s software capabilities will get new services like AI-enabled super agents, and augmented front line employees to clients. This approach will help Cisco’s clients in creating seamless workflows, and customize solutions for its customers.

IMImobile’s board has agreed to the terms, and the deal is expected to close in the first quarter of the calendar.

The acquisition is subjected to conditions which include regulatory clearances, and approval by IMImobile shareholders.

Jay Patel, IMI Mobile Chief Executive, said “We believe there will be a world of dynamic, always-on connections between global businesses and their customers and the combination of our respective technologies will enable to us make every interaction matter more for our clients.”

In the previous month, Cisco stated that they received fiscal first quarter earnings and sales, more than they expected, and spurring several analysts, for raising their one-year price targets on the company’s stock.

Cisco’s shares were at $44.30 when checked last, and the stock has bounced 37 percent since touching a 52 week low $32.40 in mid-March.

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