Cisco and IMImobile PLC 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.