Cisco (CSCO) to Buy Fluidmesh Networks to Boost IoT Portfolio
Cisco Systems CSCO recently announced its plans to acquire New York-based wireless tech company — Fluidmesh Networks.Fluidmesh Networks provides high-speed wireless connectivity to ensure enhanced productivity and safety for its clients across industries like railways, mining and ports.Notably, Fluidmesh’s wireless solutions are able to prevent loss of data even at extremely high speeds, especially in the railways sector where trains move at speeds of more than 300 Km/H.The acquisition of Fluidmesh is expected to strengthen Cisco’s Industrial IoT portfolio and enable it to address the growing demand for IoT based solutions in the market. Nevertheless, the financial terms of the deal have been kept under wraps. The deal is expected to be completed by fourth quarter of fiscal 2020.Notably, shares of Cisco have declined 13.6% year to date compared with the industry’s decline of 18.8% in the same time frame.