Cisco Announces Intent to Acquire Accompany
May 01 2018 - 4:05PM
Cisco (NASDAQ:CSCO) announced today its intent to acquire
Accompany, a privately held company based in Los Altos, Calif. The
company provides an AI-driven relationship intelligence platform
for finding new prospects, navigating the selling process, and
strengthening relationships. Accompany Founder and CEO Amy Chang
will join Cisco as senior vice president in charge of the
Collaboration Technology Group.
The acquisition of Accompany will enable Cisco to take
collaboration to the next level with even more intelligence.
Accompany’s AI technology and talent will help Cisco accelerate
priority areas across its collaboration portfolio, such as
providing user and company profile data in Webex meetings.
Together, Cisco and Accompany will continue to power the future of
work in a smarter way to enhance customer experiences.
“Amy has proven to be an effective and innovative leader through
her years as an entrepreneur, an engineer, and CEO, and I couldn’t
be more pleased to have her and the Accompany team join Cisco,”
said Chuck Robbins, Cisco chairman and CEO. “Together, we have a
tremendous opportunity to further enhance AI and machine learning
capabilities in our collaboration portfolio and continue to create
amazing collaboration experiences for customers.”
“I am thrilled with the opportunity to join Cisco and the
industry’s leading collaboration team,” said Amy Chang, Accompany
founder and CEO. “Enterprise applications are rapidly becoming more
intelligent and augmented with data and pertinent information in
real-time. By combining Accompany’s relationship intelligence
capability with Cisco’s award-winning collaboration product
portfolio, customers will be able to more intelligently collaborate
with employees, customers and partners.”
Rowan Trollope, current senior vice president and general
manager of the Collaboration Technology Group is taking the next
step in his career and leaving Cisco to become CEO at another
company effective May 3.
Chang, who has served as a member of Cisco’s Board of Directors
since October 2016, has in conjunction with the transaction
resigned from the Cisco Board of Directors effective
immediately.
Cisco will acquire Accompany for $270 million in cash and
assumed equity awards. The Accompany team will join the Cisco
Collaboration Technology Group under Chang’s leadership. The
acquisition is expected to close in Cisco’s fourth quarter of
fiscal year 2018, following customary closing conditions.
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Forward-Looking StatementsThis 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 the acquisition enabling Cisco to take collaboration
to the next level with even more intelligence, Accompany’s AI
technology and talent helping Cisco accelerate priority areas
across its collaboration portfolio, further enhancing AI and
machine learning capabilities in Cisco’s collaboration portfolio,
the expected benefits to Cisco and its customers from completing
the acquisition, and plans regarding Accompany personnel. Readers
are cautioned that these forward-looking statements are only
predictions and may differ materially from actual future events or
results due a variety of factors, including, among other things,
that conditions to the closing of the transaction may not be
satisfied, the potential impact on the business of Accompany due to
the uncertainty about the acquisition, the retention of employees
of Accompany and the ability of Cisco to successfully integrate
Accompany and to achieve expected benefits, business and economic
conditions and growth trends in the networking industry, customer
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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