Indian-American entrepreneur Jyoti Bansal has signed an agreement with CISCO to sell his application intelligence venture- AppDynamics for $3.7 billion (Rs 25,150 crore approx). The announcement has come a day before AppDynamics was to launch its initial public offer (IPO), which valued the company at $2 billion.
AppDynamics was founded in July 2008 by Jyoti Bansal, who is an IIT-Delhi graduated. The company claims to develop application performance management (APM) solutions that deliver problem resolution for highly distributed applications. The platform provides software-defined business ability to analyze and optimize digital business performance in real time.
AppDynamics runs from San Francisco, California. The company total equity funding is of $314.5 M which includes investors like Greylock Partners, Kleiner Perkings Caufeild & Byers, Lightspeed Ventures Partners, Institution Venture Partners (IVP), Battery Ventures and many more. The company has $158.4 Million in revenue in nine-month which increased to 50% from its previous year.
Mr.Bhansal has received his B.S in Computer Science in 1999. He arrived to US in 2000 and started working for startup companies. Mr. Bansal received an employment authorization document (EAD) as part of the green card process in 2007. He left working as CA for Wily Technologies and started AppDynamics in 2008.When asked about his future plans Mr.Bhansal said “I’m not done creating companies. I want to keep creating companies and solving problems for the rest of my life.”
The acquisition is expected to close by April 2017, subject to customary closing conditions. This will be CISCO’s largest acquisition after they obtained a US-based security company Sourcefire for $2.7 billion in 2013, and in 2012, they acquired a video software maker NDS for $5 billion.Read more Indian Startup news.