Cisco committed to investing
$150 million (€134 million) in UK Internet of Things (IoT) start ups as
part of a broader plan to pump $1 billion into the country's digital
economy.
The U.S.-based infrastructure
company announced a major extension of its UK investment strategy
following a meeting with UK Prime Minister David Cameron, Business
Secretary Sajid Javid, Cisco chairman and CEO John Chambers, incoming
Cisco CEO Chuck Robbins, and Cisco UK CEO Phil Smith.
In a statement, Cisco said its
UK IoT investments will focus on the financial, retail and healthcare
industries, along with smart city development.
The company also plans to acquire businesses focussing on wireless
software, next generation video delivery, and cloud-based security
technologies.
Cisco is also aiming to make corporate investments to accelerate
innovation in cyber-security.
The latest investment also
covers extending the work of the Cisco Networking Academy--an education
programme established to boost the number of students utilising science,
technology, engineering and maths skills--to promote innovation and
entrepreneurship.
Cisco said its latest
investment will also seek to address UK government concerns about a
north/south economic divide by adding new centres of expertise, funding
university collaborations, investing in skills and expanding
apprenticeship programmes.
The company said the UK is its second largest country market and that
it plans to add 200 new jobs to its operations in the market, and
construct a new "state of the art" office in central London by the end
of the year.
David Cameron said Cisco's
investment plan "is great news for the UK's growing digital economy" and
a "clear vote of confidence in our long term economic plan."
Cisco in February announced a
similar ($100 million) investment in France's digital economy as part of
an overseas investment programme the company started eight years ago,
the Wall Street Journal reported.
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