Cisco Acquiring Carlsbad, CA-based MaintenanceNet for $139M | Xconomy
Summary
Networking giant Cisco Systems (NYSE: CSCO) has agreed to pay $139 million in cash to acquire MaintenanceNet, a Carlsbad, CA, provider of Web software that generates new sales leads by analyzing a company’s service contracts with its customers. The deal, expected to close by the end of October, follows Cisco’s June 30 acquisition of OpenDNS, a San Francisco-based Internet security company, for $635 million. On June 3, Cisco disclosed plans to buy Piston Cloud Computing, another San Francisco-startup, although financial terms of that deal were not released. MaintenanceNet said it delivered nearly 2.5 billion automated service quotes last year, resulting in millions of dollars in incremental revenue increases for clients worldwide. While the private company did not disclose its 2014 financial results, MaintenanceNet said its year-over-year revenue growth amounted to 50 percent in 2014, and its global reach grew to more than 300 distributors and 23,000 resellers.
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