American technology giant Cisco on Wednesday announced that it has agreed to acquire Artificial Intelligence (AI) startup Accompany for $270 Million. The deal will be all cash and all stock deal. All the important formalities regarding the deal will be completed within few months.
Accompany is relatively young startup that leverages the power of AI to build an extensive database of senior decision-makers across big and fortune 500 companies. This rich database is then made available to companies in real-time that invariably help them in making better and quick decisions. The startup has so far raised $40 million from various investors, according to Crunchbase data.
Interestingly, Accompany founder and CEO Amy Chang has been part of Cisco’s board of director’s team since October 2016. Following the deal, Amy will step down as a board of director member and join as the head of Cisco’s Collaboration Technology Group. She will replace Rowan Trollope, who is all set to leave Cisco in coming weeks.
Commenting about Amy and Accompany, Cisco’s chairman and CEO Chuck Robbins said: “Amy has proven to be an effective and innovative leader through her years as an entrepreneur, an engineer, and CEO, and I couldn’t be more pleased to have her and the Accompany team join Cisco.”
AI has been predicted to become the next big thing
With all big companies as well as young startups joining the AI bandwagon, AI has already been touted to become that one breakthrough technology that will dominate every sphere of human life. AI’s growing importance has even forced governments of developed as well as emerging economies to develop special funds and policies for the development of AI.
There are also special AI startups spread across the world that are trying to leverage the power of this breakthrough technology to address the various pain-points that are currently plaguing companies and common people alike.
