January 25, 2017 4:27 pm | Updated 3 years ago.
In a surprising deal, the American multinational technology conglomerate Cisco Systems, Inc. buys AppDynamics in a deal worth $3.7 billion just a day before the software developer was ready to sell their shares to the general public.
Founded in 2008 by Jyoti Bansal, AppDynamics develops software that monitors and fixes bugs in mobile applications and websites. Last year the company generated revenue of $158.4, which is up almost 54 percent from the previous year.
Rob Salvagno, head of corporate development at Cisco commented, “From a strategic perspective, this is a company that Cisco has had its eye on for some time. The IPO created a timing piece that we needed to be mindful of.”
Cisco CEO Chuck Robbins after taking over from John Chambers in 2015 inked the biggest deal with AppDynamics. To strengthen Cisco’s businesses in connected devices, he acquired almost 17 companies which include the $1.4 billion purchasing of Jasper Technologies last year.
Date of Publication: 25 January 2017