Cisco wants to acquire its privately held MaintenanceNet, a provider of cloud-based software to manage recurring customer contracts. Cisco announced this week that it will pay $139 million in cash and retention based incentives to acquire MaintenanceNet.
According to Cisco, this will help the company to simplify renewal processes and the sales partners will be able to capture recurring revenue streams easily. The company also said that MaintenanceNet provides an analytical, automated and efficient way to pursue service contract, and other annuity offers and opportunities of all sizes.
To offer a way to improve service renewals and identify uncovered product opportunities to Cisco distribution and reseller partners, the company is working with MaintenanceNet since 2009.
Sources says, “MaintenanceNet’s software identifies customers with service contracts that are coming up for renewal, overdue, or with products that are not yet covered, and then enables automated quoting, notifications, and online ordering”.
In the first quarter of Cisco’s fiscal year 2016, which ends in October, MaintenanceNet will join Cisco’s Global Customer Success organization, a group dedicated to improving customer engagement and processes. The acquisition is expected to be.