Cisco this week announced intentions to acquire privately held MaintenanceNet, a provider of cloud-based software to manage recurring customer contracts.
Cisco will pay $139 million in cash and retention based incentives to acquire MaintenanceNet.
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Cisco says the acquisition will help it simplify contract renewal processes and help sales partners capture recurring revenue streams. MaintenanceNet provides an analytical, automated and efficient way to pursue service contract, and other annuity offers and opportunities of all sizes, Cisco says.
Cisco and MaintenanceNet have worked together since 2009 to offer Cisco distribution and reseller partners a way to improve service renewals and identify uncovered product opportunities. MaintenanceNet’s software identifies customers with service contracts that are coming up for renewal, overdue, or with products that are not yet covered, and then enables automated quoting, notifications, and online ordering.