Cisco has said it will make strategic commitments worth $1 billion (€906 million) in the UK over the next three to five years, including $150 million of (€136 million) venture capital investments in IoT startups.

The US-based vendor said the investments were being made to help accelerate digital economic growth in the country, the company’s second biggest market.

The $150 million earmarked for IoT startups and venture capital equity investments will be prioritised, Cisco said, and include technology for the financial, retail and healthcare industries.

Smart city development and cybersecurity will see additional investment, with the company also planning to set capital aside for new acquisitions in the country.

John Chambers, the soon-to-exit Chairman and CEO of Cisco, said: "We believe the UK is well on its way to becoming one of the top digitised countries in the world, and we're proud to once again activate new programmes and continue our deep commitment to partnering with the UK government.

“Today, we are pleased to make our next series of strategic commitments, totalling over $1 billion, to support the next phase of the UK's digitisation plans."

Cisco additionally intends to double its footprint in London and create 200 new, “high-value” jobs in the capital by the end of 2015.

[Read more: European employees sweat as Cisco announces 6,000 job cuts]

Further, the vendor has announced a “major extension” to its British Innovation Gateway (BIG) programme, which provides support for technology startups and entrepreneurs, as well as its Networking Academy education programme.

More News

Iliad enters content game in France, finally launches Italian mobile business Iliad enters content game in France, finally launches Italian mobile business Iliad has acquired football rights in France and launched its opco in Italy as it looks to reboot after a disappointing set of financial results. More detail
Three UK appoints new CCO, CFO Three UK appoints new CCO, CFO The departure of Three UK's Chief Commercial Officer after just 18 months in the job has triggered a shake-up of the mobile operator's top team. More detail
TalkTalk to sell enterprise customer base to Daisy as it registers full-year loss TalkTalk to sell enterprise customer base to Daisy as it registers full-year loss TalkTalk has agreed to sell 80,000 business customers to rival Daisy Group in a £175 million deal. More detail
A1 Telekom Austria Group rebrand reaches Bulgaria A1 Telekom Austria Group rebrand reaches Bulgaria Bulgaria is the third A1 Telekom Austria Group opco to get rebranded as the telco looks to market itself as a provider of "advanced" IT, IoT, cloud and content services. More detail
Orange Business Services puts IoT to use on saving ships’ fuel costs Orange Business Services puts IoT to use on saving ships’ fuel costs Orange Business Services has expanded its work with Dobroflot by developing a customised IoT solution for the Russian fishing company. More detail
    

 

European Communications is now
Mobile Europe and European Communications

  

From June 2018, European Communications magazine 
has merged with its sister title Mobile Europe, into 
Mobile Europe and European Communications.

No more new content is being published on this site - 

for the latest news and features, please go to:
www.mobileeurope.co.uk 

 

@eurocomms