In a recent turn of events, Juniper Networks has declared that the firm has signed a definitive contract for acquiring Mist Systems, a cloud-managed AI-powered wireless networks provider. As per the terms of the contract, Juniper Networks would acquire Mist for a total consideration of $405 Mn, depending on adjustment, to be paid in cash and the assumption of unsettled equity awards.
According to sources familiar with the development, the projected purchase is likely to conclude in the second fiscal quarter of Juniper Networks.
For the uninitiated, Mist has developed the world’s first Artificial Intelligence driven wireless platform, that makes Wi-Fi more predictable, measurable, and reliable. Moreover, it has also built the Marvis, which is alleged to be the networking industry’s only Artificial Intelligence driven virtual assistant, which simplifies wireless troubleshooting and provides unprecedented insights into network and client behavior.
Rami Rahim, the Chief Executive Officer of Juniper Networks, was quoted stating that Mist Systems is a perfect fit for Juniper and its enterprise patrons. Rahim also said that Mist and Juniper have a shared strategic goal.
Juniper Networks has confidence in the Software-Defined Enterprise & Mist’s emphasis on bringing Artificial Intelligence to IT which is aligned with company’s core belief that it needs to simplify operations and elevate customer experience while reducing costs, Rahim stated. With Mist, we are introducing a market leading solution to accompany our product range, fuel the cloud transition inside the enterprise and expedite enterprise growth, Rahim added.
Sujai Hajela, the Chief Executive Officer of Mist Systems, stated that the company has developed an exclusive mix of cloud, wireless, and AI and this has empowered it to stand out from rivals and brought about the much-needed advancement to the wireless realm.
For the record, Mist has already procured businesses from a plethora of industries, including 2 of the Fortune ten, 7 of the leading 40 sellers, the flagship space at the U.S.’s top healthcare system, one of the leading mobile company, and one of the world’s biggest airlines.