India-born Silicon Valley entrepreneur Jyoti Bansal has agreed to sell his application intelligence venture AppDynamics to Cisco Systems, Inc for $3.7 billion.
Bansal, a computer science graduate from the Indian Institute of Technology-Delhi, had founded AppDynamics in 2008 to help companies “with a disruptive approach to managing their software applications”, the startup's website says.
Now chairman on the board of San Francisco-based AppDynamics, Bansal stepped down as the Chief Executive Officer in September 2015, handing over day-to-day operations to David Wadhwani.
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AppDynamics's cloud application and business monitoring platform enables the world's largest companies to improve application and business performance, Cisco said in a media statement.
"The combination of Cisco and AppDynamics will allow us to provide end to end visibility and intelligence from the network through to the application; which, combined with security and scale, and will help IT to drive a new level of business results,” the statement said quoting Rowan Trollope, Cisco's senior vice president and general manager of Internet of Things and Applications Business Group.
Wadhwani, CEO and president at AppDynamics, said, "With digital transformation, companies must re-define their relationships with customers through software. We're excited to join Cisco, as it will enable us to help more companies around the globe."
Wadhwani will continue to lead the company as a new software business unit in Cisco's IoT and applications business, reporting to Trollope. The acquisition is expected to close by April 2017, subject to customary closing conditions.
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