MaintenanceNet Acquired By Cisco For $139M

Carlsbad-based MaintenanceNet has been acquired by Cisco, in a deal worth $139M, Cisco said late Tuesday. MaintenanceNet develops cloud-based software used by companies to manage the renewal of service contracts and maintenance contracts, automatically handling quoting, notifications, and also online renewals. Cisco said the move would help it partners capture high-volume and low-dollar sales opportunities that may risk being overlooked. MaintenanceNet is led by Scott Herron. The company had raised a total of only $12M in funding from Express Ventures and Kayne Anderson.