Around the Net
Company That Connects Smart Things Sold For $1.4 Billion
- Re/code, Thursday, February 4, 2016 9:05 AM
Networking giant Cisco Systems has agreed to pay $1.4 billion for Jasper, a Santa Clara, Calif-based company that focuses on technology for connecting smart devices to the Internet — the so-called Internet of Things. 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.
