Monday 7 December 2020 9:53 am

Cisco snaps up London firm IMI Mobile in $730m deal

US tech giant Cisco has agreed to buy London-based software company IMI Mobile in a $730m deal. 

IMI Mobile provides software and services for enterprise and its customers include BT, Hermes and O2.

The tech firm will pay 595 pence per share in exchange for each IMI Mobile share, assuming fully diluted shares, net of cash and including debt.

The deal, subject to a number of conditions and shareholder approval, is expected to close in the first quarter of 2021. 

Upon completion the IMI Mobile team will join Cisco’s Contact Center business unit, led by vice president and general manager Omar Tawakol. 

MImobile’s omnichannel capabilities make it easy for any marketing or service organization to message with their customers on any channel their customers prefer including WhatsApp, Apple Business Chat and Google RCS,” said Tawakol in a blog post. “In addition to making it as easy to communicate, IMImobile provides the ability to easily alter workflows with low code orchestration capabilities.”

Last month Cisco reported a smaller-than-expected drop in first-quarter revenue as more people worked from home and demand for its teleconferencing tools and cybersecurity products grew. 

Revenue dropped nine per cent to $11.93bn in the quarter ending 24 October, with the fall slowed by the strength of its services segment.