CSCO Cisco Systems Inc

By Don Clark 

Cisco Systems Inc. said it will pay $1.4 billion in cash to buy Jasper Technologies Inc., one of best-known startups pursuing the technology trend known as the Internet of Things.

The closely held company, founded in 2004, works with cellular carriers and other partners to help customers connect and manage vehicle fleets, industrial equipment and other systems involving networks of sensors.

Cisco, the biggest maker of networking equipment, has long promoted the trend dubbed IoT as the next major phase in the evolution of the Internet. The company said Jasper will operate largely independently as part of a new IoT software business unit, which will report to Rowan Trollope, a Cisco senior vice president who also oversees Cisco collaboration technologies.

"We believe that together we are going to be able to move this industry forward a lot faster," said Rob Salvagno, Cisco's vice president of corporate development.

Jasper is based in Santa Clara, Calif., not far from Cisco's headquarters in nearby San Jose. It has about 385 employees and has 3,500 customers in more than 100 countries, Mr. Salvagno said.

(END) Dow Jones Newswires

February 03, 2016 17:16 ET (22:16 GMT)

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