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Published on : May 03, 2018

Artificial technology (AI) has been behind unprecedented advancements in enterprise collaboration solutions taking their capabilities to new levels. The U.S.-based networking giant, Cisco Systems, Inc., announced on May 1, 2018 that it intends to acquire Accompany, a California-based privately-held company. The business intelligence startup offers AI-powered relationship smart platform for companies, which helps them find new prospects, facilitate the sale process, and bolster relationships. With this acquisition, the multinational technology conglomerate Cisco plans to endow its collaboration products with more intelligence. On note, this will enable it to bring advancement in its priority areas, such as introducing profile data related to individuals and companies in video conferencing meetings powered by its solution Webex.

According to Cisco, it will be funded by US$270 million, a combination of cash and stock.

Deal to bolster Cisco’s Enterprise Collaboration Portfolio by Incorporating AI and Machine Learning Tech

The strategic deal, believes the companies, is unlocking exciting prospects in the AI and machine learning technology market and will help them fortify their collaboration portfolio. The application of AI will make enterprise applications smarter, they opine. Ultimately, this will open up new collaboration experiences for employees, customers, and partners. Amy Chang, the founder and CEO of Accompany, is ebullient. Post the acquisition Chang will join Cisco as senior vice president (VP) and will head Cisco’s Collaboration Technology Group.

The collaboration deal will tentatively close by the end of this year, provided all customary conditions are met. In an another noteworthy development, the networking giant announced a day later that it has agreed to offload a part of its NDS video assets by selling its Service Provider Video Software Solutions business to Permira, a European private equity firm.