The price is subject to adjustment, payable in cash and the assumption of outstanding equity awards.
The proposed acquisition is expected to close in Juniper Networks’ fiscal second quarter, subject to regulatory approvals and customary closing conditions. Juniper says it is expected to be slightly dilutive to FY19 Non-GAAP EPS and slightly accretive to Non-GAAP EPS in FY20.
Juniper says Mist has built the world’s first AI-driven wireless platform, which makes Wi-Fi more predictable, reliable and measurable, and has also developed the networking industry’s only AI-driven virtual assistant, Marvis, to simplify wireless troubleshooting and provide insight into client and network behaviour.
“As a result, Mist is quickly becoming the WLAN standard for enterprise customers across numerous industries, including two of the Fortune 10, seven of the top 40 retailers, the flagship facility at the largest US healthcare system, one of the top mobile carriers and one of the world’s largest airlines,” Juniper said.
“Mist Systems is a great fit for Juniper and for our enterprise customers,” said Rami Rahim, chief executive of Juniper Networks.
“Juniper and Mist share a common strategic goal. We believe in the software-defined enterprise and Mist’s focus on bringing AI to IT is consistent with our core belief that we need to simplify operations and improve customer experience while lowering costs. With Mist, we are adding a market leading solution to complement our portfolio, drive the cloud transition within the enterprise and accelerate our enterprise growth.”
Sujai Hajela, chief executive of Mist Systems, said, “Mist Systems has developed a unique blend of wireless, AI and cloud expertise that has enabled us to stand out from the competition and bring much needed innovation to the wireless space.
“By combining these proficiencies with Juniper’s expansive channel reach, world-class support and best-in-class networking and security products, we believe we will be well poised to change the IT landscape by ushering in a new generation of AI-driven products.”