Blog Coverage: Cisco Completes Takeover of AI Start-up MindMeld
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LONDON, UK / ACCESSWIRE / May 31, 2017 / Active Wall St. blog coverage looks at the headline from Cisco Systems, Inc. (NASDAQ: CSCO) as the Company announced on May 26, 2017, that it had completed the acquisition of San Francisco based MindMeld Inc. Cisco had previously announced the acquisition on May 11, 2017. Register with us now for your free membership and blog access at:
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MindMeld has developed a unique Artificial Intelligence (AI) platform that helps build intelligent and human-like conversational interfaces for any application or device. MindMeld's proprietary machine learning (ML) technology is incredibly accurate and helps users to interact with voice and chat assistants in a more natural way, for e.g. online shopping, ordering products, or while contacting customer support.
With the increasing popularity of chat and voice as interfaces, Cisco envisioned that MindMeld's AI and ML technology has far reaching implications. Cisco's acquisition of MindMeld's technology can be used for building conversational interfaces for voice, messaging, and video in applications and devices. MindMeld's technology has the power to not only revolutionize how users interact with technology but also be user friendly and help in the development of new cognitive capabilities.
The acquisition will help Cisco augment its portfolio of solutions, starting with Collaboration, by offering ground-breaking enterprise experiences. Cisco's Collaboration is already changing how people interact and communicate. By adding MindMeld's AI technology, Cisco can improve the Collaboration solutions and products by making them even more natural, intuitive, and intelligent.
The details of the acquisition
Cisco had announced its plan to acquire the privately owned MindMeld on May 11, 2017. Cisco had agreed to pay $125 million in cash and assumed equity award for the Company.
Following the completion of the acquisition, MindMeld team and Cisco's Cloud Collaboration group will merge to form the Cognitive Collaboration team. The Cognitive Collaboration team will be led by Jens Meggers, Senior Vice President and General Manager of Cisco.
Rowan Trollope, Senior Vice President, Cisco IoT and Applications Group, had commented at the time of the announcement:
"The workplace of the future is one powered by AI. This is a significant step toward making that workplace a reality. Integrating MindMeld into the Cisco Spark platform will transform how users interact in Cisco Spark Spaces, Cisco Spark Meetings, and Cisco Spark Care."
About MindMeld
MindMeld was founded in 2011 by Tim Tuttle, a former AI researcher from MIT and Bell Labs. MindMeld pioneered the development technology for a new generation of intelligent conversational interfaces. MindMeld's solutions go beyond understanding commands, and enable people to communicate naturally with their applications and devices. In 2014, MindMeld launched its MindMeld platform after spending three years in developing its technology and getting 10 patents. MindMeld platform is the first of its kind that allows Companies to create intelligent conversational interfaces for any app or device. The Entrepreneur Magazine had named it as one of the "100 Brilliant Companies" of 2015 and the MIT Technology Review named it as one of the world's "50 Smartest Companies" of 2014. Some of its investors include leading tech Companies and venture capitalists like Google, Samsung, Intel, Telefónica, Liberty Global, Greylock Partners, Bessemer Venture Partners, IDG Ventures, KPG Ventures, Quest Venture Partners, etc.
Stock Performance
At the closing bell, on Tuesday, May 30, 2017, Cisco Systems' stock rose slightly by 0.57%, ending the trading session at $31.68. A total volume of 17.03 million shares were traded at the end of the day. In the last six months and previous twelve months, shares of the Company have advanced 5.28% and 9.54%, respectively. Moreover, the stock gained 4.83% since the start of the year. The stock is trading at a PE ratio of 16.02 and has a dividend yield of 3.66%. At Tuesday's closing price, the stock's net capitalization stands at $158.56 billion.
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