Cisco's new CEO Chuck Robbins has emphasized his commitment to IoT, or the Internet of Things. He's backing it up with his wallet.
The computer-networking Goliath said on Wednesday that it's spending $1.4 billion on Jasper Technologies, a software developer that allows businesses to manage connected devices from beer kegs and vending machines to cars and security systems.
It's Cisco biggest deal since the 2013 purchase of cybersecurity company Sourcefire for about $2.5 billion. While Cisco is known as one of Silicon Valley's most aggressive acquirers, Jasper marks only the seventh billion dollar plus deal since 2000, according to FactSet.