Communications equipment giant Cisco (CSCO) - Get Cisco Systems, Inc. Report on Monday said it agreed to pay $730 million for IMImobile, the London provider of customer-relationship-management software.
The deal price is 5.95 pounds ($7.82) a share cash. The deal price is net of IMIMobile's cash and includes its debt.
Cisco will use IMImobile's enterprise software to offer clients an end-to-end customer-interaction-management solution including text, voice and social, the company 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,” Jeetu Patel, senior vice president and general manager of Cisco’s security-and-applications business, in a statement.
Cisco’s Webex contact center, coupled with IMImobile's software capabilities, will be able to offer new services like AI-enabled super agents and augmented front-line employees to clients. This will help Cisco's clients create seamless workflows and customize solutions for its customers.
IMIMobile's board has approved the terms. The deal is expected to close in the calendar first quarter. The acquisition is subject to conditions including regulatory clearances and approval by IMImobile shareholders.
“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,” IMI Mobile Chief Executive Jay Patel said.
Last month, Cisco posted better-than-expected fiscal-first-quarter earnings and sales, spurring several analysts to raise their one-year price targets on the company’s stock.
Shares of Cisco at last check were little changed at $44.30. The stock has bounced 37% since touching a 52-week low $32.40 in mid-March.