Cisco announced this morning that it intends to acquire Indianapolis-based startup Socio, which helps plan hybrid in-person and virtual events. The two companies did not share the purchase price.
Socio provides a missing hybrid event management component for the company to add to its Webex platform. The goal appears to be to combine this with the recent purchase of Slido and transform Webex from an application mostly for video meetings into a more comprehensive event platform.
“As part of Cisco Webex’s vision to deliver inclusive, engaging and intelligent meeting and event experiences, the acquisition of Socio Labs complements Cisco’s recent acquisition of Slido, an industry-leading audience engagement tool, which together will create a comprehensive, cost-effective and easy-to-use event management solution […],” the company explained in a statement.
The impact of the pandemic was not lost on Cisco, and it’s clear that as we can foresee going back to go back to live events, having the ability to combine it with a virtual experience means that you can open up your event to a much wider audience beyond those who can attend in person. That’s likely not something that’s going away, even after we get past COVID.
Jeetu Patel, SVP and GM for security and collaboration at Cisco says that the future of work is going to be hybrid, whether it’s for work meetings or larger events and Cisco is making this acquisition to expand the use cases for the Webex platform.
“Whether it’s a 1:1 call, a small team huddle, a group meeting or a large external event, we want to remove friction and help people engage with each other in an inclusive manner. Slido allows for every voice to be heard — even when you’re not talking. Socio allows for getting your voice heard by a large number of people,” Patel said.
And the company believes that Webex provides the platform to make it all happen. “It’s a really potent combination of technology to make human interactions more engaging, no matter the type of conversation,” he added.
Brent Leary, founder and principal analyst at CRM Essentials, says that it’s a smart move to take advantage of the changing events landscape and that this acquisition helps make Cisco a serious player in this space.
“As we get closer to a post-pandemic world, the need to create hybrid event experiences is going to quickly accelerate as people start venturing out to attend physical events. So having an event stack that combines local event support/participation with tools to integrate a broader virtual audience will be the future of event management,” Leary told me.
Socio was founded in 2016 and raised around $7 million in investment capital, according to Crunchbase data. It has a prestigious list of enterprise customers that includes Microsoft, Google, Jet Blue, Greenpeace, PepsiCo and Hyundai
The deal is expected to close in Q4 of FY2021. When it does close, Socio’s 135 employees will be joining Cisco. The plan is to incorporate Socio’s tooling into the Webex platform while allowing it to continue as a stand-alone product, according to a Cisco spokesperson.