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Cisco strikes £543 million deal for IMImobile

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Cisco Systems
CSCO,
+0.61%
said it’s buying IMImobile
IMO,
+47.33%
for £543 million ($720 million), or 595 pence in cash per share, a 48% premium to Friday’s close. Cisco said the deal will help build its customer experience as a service offer. The deal also has support of shareholders representing 54.5% of IMImobile’s shares. IMImobile separately said its adjusted pretax profit in the first half to Sept. 30 rose 30% to £6.8 million, while revenue fell 9% to £75.9 million.