The deal would be wrapped up in the first quarter of 2021 and worth around $730 million. This means 596 pence would be paid by Cisco for each IMImobile share.
Cisco Systems Inc (NASDAQ: CSCO) has announced a partnership agreement with IMImobile PLC (AIM: IMO) to accelerate the accomplishment of its goal of ensuring an effective, quality, and consistent customer experience.
The deal would be wrapped up in the first quarter of 2021 and worth around $730 million. This means 595 pence per share would be paid by Cisco for each IMImobile share. 1.3438 £ to USD exchange rate was used for the conversion. Once the deal is concluded, both parties will join hands to provide an end-to-end customer interaction management solution.
IMImobile is well known for ensuring customers keep in touch with enterprises and organizations through various interactive channels such as social, messaging, and voice by delivering relevant software and services. They manage business-critical customer interaction by delivering cloud communication services and software for this purpose.
In a bid to provide a favorable environment for customers to enjoy their interactions to the end with the various businesses, IMImobile is charged with making sure the whole process becomes faster and smarter, and this influenced Cisco to acquire the company to accelerate its vision.
According to reports, the IMImobile board of directors has received a recommendation of the offer submitted by Cisco. Though the agreement has been announced, it will be finalized by next year with certain conditions expected to be met including the approval of the board and some other legal approvals.
Once everything is done, Omar Tawakol, the Vice President and General manager will lead the IMImobile team to move into the Cisco Contact Business Center Unit. The full integration of IMImobile will see the two working together to provide solutions that are contextual, collaborative, Omnichannel, Intelligent, and Programmable. This means customer information required to personalize interaction would be provided, ensuring employees provide a far better customer experience in a collaborative way and many others.
The Goals of IMImobile that Attracted Cisco
The Cisco Security Application Business’ Senior Vice President and General Manager Jeetu Patel in a statement revealed their desire and urge to work hand in hand with IMImobile to ensure extensive CXaaS solutions are provided for the market. Jay Patel, the CEO of IMImobile on the other hand expressed his excitement to work with Cisco as they seek to provide a quality and consistent customer experience. Jay Patel concluded that the combination of the two giants will go a long way to make interactions more meaningful to clients.
IMImobile strongly believes that consumer businesses thrive on quality customer experiences. For this reason, a ground that would ensure that businesses are in constant interaction with their customers has been their priority. Their provided Customer Interaction Management (CIM) reduces the cost incurred by businesses while they stay connected with their customers by automating, and monitoring interactions with back-end systems.