Cisco is set to acquire privately-held energy management company JouleX. Under the terms of the agreement, Cisco will pay approximately $107 million in cash and retention-based incentives in exchange for all shares of JouleX.
JouleX was founded in Munich and currently has research and development operations in Kassel, Germany. Upon completion of the acquisition, JouleX employees will be integrated into the Connected Energy Solutions team within Cisco’s Industry Solutions Group, reporting to David Goddard, vice president and general manager.
The acquisition of JouleX is expected to be complete in the fourth quarter of fiscal year 2013, subject to customary closing conditions.