Cisco to acquire London-based cloud software company IMImobile for $730 million

Cisco announced early this morning that it has agreed to buy London-based cloud communications software company IMImobile for 595 pence per share in cash in a deal valued at about $730 million, including debt, according to a report from Reuters.

Founded by Shyam Bhat and Vishwanath Alluri, IMImobile provides converged mobile technology platforms and content services to mobile operators and media companies around the world.

IMImobile’s cloud software platform manages over 42 billion messages and 44 billion commerce transactions a year across the world. IMImobile’s software is used by many multinational organizations including Centrica, AA, O2, EE, BT, Foxtons, Pizza Hut, Vodafone, AT&T, MTN, three of the major retail banks in the UK, and public sector organizations in India, the US, and the UK.

Headquartered in London with offices in Hyderabad, Little Rock, Toronto, Dubai, and Johannesburg, IMImobile provides software and services to businesses to connect with customers through interactive channels including social, messaging, and voice. IMImobile has over 1,100 employees worldwide.