Indian Entrepreneur Jyoti Bansal:
We know a couple of Bansals who are always on the news for some cooked up numbers. Mr.Jyoti Bansal is now the talk of the town for some real solid reason. Bansal, who had received his BS degree in Computer Science from the Indian Institute of Technology Delhi, is a Silicon Valley leader and entrepreneur.Bansal, an India born entrepreneur is the Chairman of the board of AppDynamics. He was in the rush of taking his company AppDynamics for IPO. Cisco had sniffed the same & wanted to snatch it just before he took it for IPO.Cisco grabs AppDynamics from Jyoti Bansal for $3.7 Billion
Bansal, who was rejected by over 20 Silicon Valley venture capital firms before he raised his first $5 million, wrote code at nights and during the weekends for the firm he started when he was 21. He got his friend Bhaskar Sunkara to join him as a team member. Sunkara is the company’s chief technology officer. A year later, the company got its first paid customer in Yap, now part of Amazon. Cisco’s offer comes out to roughly $26 per share, higher than the estimated $12 to $14 per share range it was planning for IPO. Cisco has now acquired AppDynamics for $3.7 Billion. The Deal is expected to close by April 2017.
AppDynamics in Cisco:
The fact that they were in their IPO process represented a window where we needed to make a decision,” Cisco’s Salvagno said.AppDynamics will continue to be led by Wadhwani as a new software business unit in Cisco’s Internet of Things and Applications business.Wadhwani, CEO and president at AppDynamics, said, “With digital transformation, companies must re-define their relationships with customers through software. We’re excited to join Cisco, as it will enable us to help more companies around the globe.”
Wadhwani will continue to lead the company as a new software business unit in Cisco’s IoT and applications business, reporting to Trollope. The acquisition is expected to close by April 2017, subject to customary closing conditions.