A top Cisco executive said today the company’s $1.4 billion purchase of Internet of Things (IoT) startup Jasper in February of 2016 has paid off. In just one year, Cisco Jasper’s business has grown from 3,500 enterprise customers to 9,000 customers.

Speaking during an investor call with UBS, Rowan Trollope, senior vice president and general manager of Cisco’s IoT and Applications Business, said that Cisco Jasper’s business is "on fire" and noted that 95 percent of the business is from recurring revenue.

He added that Cisco is in the midst of extending the Jasper IoT platform beyond the cellular network to other connectivity options like WiFi or low-power wide area (LoRa) so that customers can use other networks but still have the same interface.

“We have a product in the market that we are field testing,” Trollope said. “It represents an extension of Jasper but covers all types of networking.”

Trollope said that Cisco believes IoT is going to be such a big change for the industry that the current networking structure will not be able to keep up. “The current network, built for phones and PCs, doesn’t work for customers,” he said. “We are asking how do we evolve the network so we can handle incredible scale?”

Not surprisingly, Trollope talked extensively about the importance of edge computing in IoT, and he predicted the return of distributed networking. “We are looking to redefine the edge of the network. Today, you just connect to the access point,” he said. However, in the future, IoT systems will need to run code at the edge so the network will require more compute power at the edge.

IoT’s future is closely aligned with analytics, and Trollope also oversees AppDynamics, the analytics firm Cisco acquired for $3.7 billion early this year. He said that Cisco’s goal is to tie the application performance with infrastructure performance so that, for example, IoT customers will be able to get an end-to-end view on how systems are running.

Interestingly, Cisco does not plan to see its IoT platform into vertical industries. Instead, Trollope said the company will partner with others.