Computer networking titan Cisco announced is betting big on the Internet of Things: The company announced it is buying IoT service platform Jasper Technologies in a deal valued at $1.4 billion.

“I am excited about the opportunity for Cisco and Jasper to accelerate how customers recognize the value of the Internet of Things,” Cisco CEO Chuck Robbins said in a release. “Together, we can enable service providers, enterprises and the broader ecosystem to connect, automate, manage, and analyze billions of connected things, across any network, creating new revenue streams and opportunities.”

Jasper is a privately held firm based in Silicon Valley and enables businesses to launch, manage, and make money from the IoT.

“With Jasper, companies can connect any device — from cars to jet engines to implanted pacemakers — over the cellular networks of the top global service providers, and then manage connectivity” of services in the cloud, Cisco said.

The purchase will be made with a combination of cash, assumed equity awards, and retention based incentives.

Cisco planned to build upon the Jasper IoT platform. 

“IoT has become a business imperative across the globe,” Jasper CEO Jahangir Mohammed said. 

The acquisition is expected to close early this year.

Copyright Agence France-Presse, 2016