Cisco Systems Inc (NASDAQ:CSCO) announced plans to takeover Socio Labs to support virtual and in-person conferences. The company expects to complete the deal in Q4 2021.
A comprehensive platform
Cisco will integrate Socio’s hybrid event management component into its Webex platform. The company recently acquired Slido. With the takeover of Socio, Cisco intends to transform Webex into a more comprehensive platform for events than just video conferences.
According to a communiqué, Cisco plans to deliver engaging, all-inclusive, and intelligent conferences online through its Webex platform besides offering an events’ experience. Combining the hybrid event management component with the Webex platform, the company offers an economical, comprehensive, and easy-to-use management solution.
Cisco’s complete solution allows targeting a much wider audience rather than in-person events alone. It expects to maintain the same demand even after the COVID-19 pandemic.
GM (security and collaboration) and SVP of Cisco, Jeetu Patel, said all the future conferences would be hybrid for enormous events/ work meetings. The takeover of Socio helps Cisco to expand its Webex platform with end-use cases.
Patel further said the company intends to remove friction in all types of conferences like enormous external events, group meetings, or small teams. A large gathering can hear each one’s voice with the help of Socio in the discussions.
The Webex platform is a technology blend that ensures human interactions engaging irrespective of the type of meeting.
CRM Essentials’ principal analyst, Brent Leary, said the takeover of Socio is an intelligent move by Cisco to become a serious player in the virtual landscape.
Leary said people would start venturing out to attend the physical meetings, and hybrid environments play an essential role, with the COVID-19 pandemic almost coming to an end.
The customer base of Socio
According to CrunchBase, Socio is established in 2016 and subsequently raised $7 million for its operations. Its customer base includes Hyundai, PepsiCo, Greenpeace, Jet Blue, Google, and Microsoft.
By combining the tools of Socio, Webex could be a standalone product.
Cisco plans to takeover Kenna Security based in California to strengthen its security offerings.
Kenna develops and markets telecommunications equipment, networking software/ hardware, and other high-end products/ services. Cisco expects to close the deal in Q4 2021.
The cybersecurity company – Kenna uses data science and ML (Machine Learning) in its vulnerability management technology to predict, track, and identify solutions for security risks.