Cisco (NASDAQ: CSCO) and IMImobile PLC (AIM: IMO) today announced that they have reached agreement on the terms of a recommended cash offer pursuant to which Cisco will pay 595 pence per share in exchange for each share of IMImobile, or an aggregate purchase price of approximately USD $730 million assuming fully diluted shares, net of cash and including debt. The exchange rate used for the conversion of £ into USD is 1.3438, derived from Bloomberg, as at 16:00 on 4 December 2020.
IMImobile provides software and services which allow enterprises and organizations to stay constantly connected to their customers through enhanced interactive channels including social, messaging and voice. Following completion of the acquisition, Cisco will be able to offer customer-facing businesses with an end-to-end customer interaction management solution and rich customer experiences, along with the ability to drive faster and smarter interactions and orchestration throughout the lifecycle journey of the customer.
As more people work remotely or from home, enterprise customers are increasingly moving towards delivering Contact Center as a Services (CCaaS). Cisco's Webex Contact Center solution coupled with IMImobile's software and services will offer a solution that is:
- Intelligent: Using AI along the entire customer journey to create super agents and augmented frontline employees.
- Contextual: Providing the customer data needed to personalize interactions.
- Collaborative: Empowering employee collaboration in order to deliver 10x better customer experiences.
- Omnichannel: Connecting with customers in their channel of choice—text, social or voice—throughout the customer journey
- Programmable: Giving the business the ability to orchestrate workflows and personalize customer journeys
"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," said Jeetu Patel, senior vice president and general manager of Cisco's Security and Applications business. "We look forward to working with IMImobile to help create a comprehensive CXaaS solution for the market—one that gives businesses a platform to provide delightful experiences across the entire customer lifecycle journey."
"We are excited to join Cisco and become part of one of the world's leading technology companies as they seek to enable great customer experiences," said Jay Patel, IMImobile CEO. "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."
- Cisco's offer has been recommended by IMImobile's board of directors. The acquisition is subject to a number of conditions as set forth in the announcement released today in accordance with Rule 2.7 of the UK Takeover Code, including IMImobile shareholder approval and certain regulatory approvals.
- The acquisition of IMImobile is expected to close in the first quarter of calendar year 2021.
- Upon completion of the transaction, the IMImobile team will join Cisco's Contact Center business unit, led by Omar Tawakol, vice president and general manager, Cisco Contact Center, part of the Cisco Collaboration business.
- Read the blog from Omar Tawakol, vice president and general manager of Cisco Contact Center business unit.
- For more Information about the 2.7 announcement click here.
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About IMImobile PLC
IMImobile provides cloud communications software and services that manage business-critical customer interactions at scale.
IMImobile believes that customer experience is the key competitive advantage for consumer businesses. IMImobile is creating a world where enterprises can stay constantly connected to their customers. A world where every touchpoint, on every channel, is an opportunity to deliver rich, engaging, intuitive experiences.
IMImobile's Customer Interaction Management (CIM) suite automates, orchestrates and monitors interactions with disparate back-end systems. This saves time and cuts costs for businesses, while seamlessly connecting to customers on the devices they choose. IMImobile delivers innovative, on-brand, business-critical customer interactions for blue-chip global enterprises and leading public-sector organizations including AA, Best Buy, BT, Capitec Bank, Centrica, EE, Hermes, IHG, Mercedes, Orange, O2, Vodafone and Walgreens.
IMImobile is a global business with offices across the UK, USA, Canada, India, South Africa and UAE. With over 1,100 employees, IMImobile is quoted on the London Stock Exchange with the TIDM code IMO.
Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.Cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
This press release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding Cisco's strategy to provide enhanced customer interaction management solutions utilizing IMImobile's technology, the expected completion of the acquisition and the timeframe in which this will occur, and the expected benefits to Cisco and its customers of completing the acquisition. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, among other things, that conditions to the completion of the transaction may not be satisfied or such completion may be delayed, the potential impact on the business of IMImobile due to the uncertainty about the acquisition, the retention of employees of IMImobile and the ability of Cisco to successfully integrate IMImobile and to achieve expected benefits, business and economic conditions and growth trends in relevant markets and various geographic regions, global economic conditions and uncertainties in the geopolitical environment, and other risk factors set forth in Cisco's most recent reports on Form 10-K and Form 10-Q. Any forward-looking statements in this release are based on limited information currently available to Cisco, which is subject to change, and Cisco will not necessarily update the information.
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SOURCE Cisco Systems, Inc.