Indian-American entrepreneur Jyoti Bansal has sold his company AppDynamics, an application monitoring and software company, to Cisco, for $3.7 Bn, reported Mint. This acquisition came just a day before AppDynamics’ scheduled IPO, and is expected to close by April 2017.

After stepping down as the CEO of AppDynamics, Bansal took over the role of chairman on the board, and handed over the day-to-day operations to David Wadhwani. And now Bansal, who reportedly owns 14% of the company, after diluting his stake to many venture funds over the years, will receive about $520 Mn (Rs 3,400 Cr.).

Greylock Partners and Lightspeed Venture Partners, two early backers, each hold 21% of AppDynamics. Institutional Venture Partners had 8.3% of the shares and Kleiner Perkins Caufield & Byers held 7.1%.

Founded in 2008 by Jyoti Bansal, AppDynamics describes its service as the equivalent of a 24 hour/7 days a week MRI for an organization’s website, picking up small problems before they debilitate a business and anger consumers. The company reportedly employs over 1,200 people, according to CNBC.

Speaking about the future, Bansal said, “I’m not done creating companies. I want to keep creating companies and solving problems for the rest of my life,” as quoted by Forbes. In his career, Bansal has received more than 30 patents related to complex software systems.

Cisco isn’t the only buyer to swoop in with a last-minute offer for an IPO-bound company. In June 2016, Symantec Corp. agreed to buy cyber-defense technology company Blue Coat Systems Inc. for about $4.65 Bn in cash. The company had filed to go public less than two weeks earlier.

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