Cisco Jumps onto AI Bandwagon: Acquires MindMeld for US$ 125 Million
IT giant, Cisco strengthened its AI muscle by acquiring San Francisco-based start-up, MindMeld, for US$ 125 million in cash and assumed equity awards. The deal is expected to be closed by the end of the fourth quarter of the fiscal year 2017. The acquisition is anticipated to open up various avenues of conversation medium development for Cisco. As chat and voice are the naturally preferred interfacing media, MindMeld would enhance Cisco’s natural language commands experience. MindMeld’s dialog manager can be coupled with Cisco’s chatbot technology to create a natural language model that would revolutionize customer engagement!
MindMeld has developed a highly advanced and fully functional AI platform that can build conversational interfaces for any application. Its Machine Learning (ML) Technology can provide accurate and natural voice and chat assistants. The main aim behind the acquisition was to introduce MindMeld’s AI technology in the collaboration field, which will enhance the cognitive potentiality and the ease of use. MindMeld would mainly power Cisco products like Cisco Spark Spaces, Meetings, and Care. John Meggers, is touted to lead MindMeld in Cisco as the senior VP and GM. Through this acquisition, MindMeld brings Artificial Intelligence, Software Engineering, and Machine Learning expertise to Cisco.
Cisco has been known to support the AI and Machine Learning technologies extensively recently, as this was the third acquisition in two weeks. Cisco plans to bring these advanced technologies in the fields of networking, collaboration, data center, analytics and communication. It has acquired Natural Language Understanding (NLU) through this acquisition. Using these technologies, Cisco aims to empower its customers to self-manage their network & data centers, be alert on security attacks, and revolutionize the working as a whole.
The combination of the MindMeld team and its technology, coupled with Cisco’s market-leading collaboration portfolio can jointly create a user experience that is unlike anything that exists in the market today. In the words of Rob Salvagno, VP, Corporate Development, Cisco, the two are set to take the world by storm, creating the next-generation collaboration experience!
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