Cisco Completes $730M Acquisition Of IMImobile
Cisco Systems announced on Friday that it has completed the acquisition of IMImobile PLC, a cloud-based communications software and services provider. IMImobile’s software and solutions help organizations in improving customer interactions across various channels, including social media.
Notably, Cisco (CSCO) announced on Dec. 7, 2020 that it had agreed to buy IMImobile in a deal worth $730 million. The company believes that the acquisition will boost its Customer Experience as a Service (CXaaS) offering.
Cisco said, “This new offering will bring together cloud contact center, artificial intelligence, experience management, collaboration and Communications Platform as-a-Service to create a single solution that will give organizations the ability to provide the exceptional experiences that customers expect.”
On Feb. 9, Cisco reported better-than-expected 2Q results, with revenues and earnings of $12 billion and $0.79 per share, respectively, exceeding analysts’ expectations of $11.9 billion and $0.75. (See Cisco Systems stock analysis on TipRanks)
Following the quarterly results, Evercore ISI analyst Amit Daryanani reiterated a Buy rating and price target of $54 (18.2% upside potential). In a note to investors, Daryanani stated that 2Q results came in ahead of estimates while management’s 3Q forecasts were “largely in-line” with expectations.
The Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 10 analysts recommending a Buy and 10 analysts suggesting a Hold. The average analyst price target of $50.88 implies 11% upside potential from current levels. Shares have lost 1.3% over the past year.
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