LONDON, July 9, 2015 /PRNewswire/ --
Multiple projects over three to
five years include investments in education and skills initiatives,
a major extension of Cisco's British Innovation
Gateway programme, and $150m of
venture capital investments in Internet of Everything UK
start-ups
Following a meeting today at No.10 Downing Street between UK
Prime Minister David Cameron,
Business Secretary Sajid Javid,
Cisco Chairman and CEO John
Chambers, incoming Cisco CEO Chuck
Robbins and Cisco UK and Ireland Chief Executive Phil Smith, Cisco has announced a series of
strategic commitments in the UK that will total over US
$1Billion over the next three to five
years. The investment will support the next phase of the country's
digitization plans.
This second significant round of activity in the UK follows the
$500m commitment made by Cisco in
2011, which has contributed in excess of $5bn in technology and manpower to the UK economy
through initiatives such as the British Innovation Gateway (BIG)
that helps to foster and nurture UK innovation and
entrepreneurship.
The commitment of $150m for
Internet of Everything UK start-ups and venture capital equity
investments will focus on key priorities for Cisco and the UK.
These include applications of Internet of Everything (IoE)
technologies across the financial technologies, retail, and
healthcare industries, and smart city development. In addition,
corporate investments will also accelerate innovation in
cybersecurity solutions.
As part of Cisco's new financial commitment, capital will also
be made available for further strategic acquisitions by Cisco in
the UK, which over the past five years has included acquisitions in
wireless software, next-generation video delivery, and cloud-based
security technologies.
In recognition of the productivity challenges faced by the UK
and the necessity to increase the level of students utilising
science, technology, engineering and maths (STEM) skills, Cisco
will also further its UK-based Cisco Networking Academy education
programme to promote innovation and entrepreneurship. This builds
on its already highly successful UK-wide network of innovation
centres, established in the BIG initiative, which includes
IDEALondon, the National Virtual Incubator network and CREATE.
Acknowledging the geographic clusters of expertise across the
length and breadth of the UK, Cisco will also support the UK
government's desire to redress the country's North-South economic
imbalance, with the addition of new centres of expertise, funded
university collaborations, skills investments and expansion of
Cisco's apprenticeship programmes.
The UK is Cisco's second largest country market, with up to
7,000 employees. The company intends to expand further, doubling
its Central London footprint with
the addition of a new state-of-the-art office before the end of
2015, and the creation of over 200 new high-value jobs.
The new activities form part of Cisco's global 'country
digitization acceleration' programme, whereby select countries
across the world receive major strategic investment to accelerate
existing government goals for driving economic growth through
high-tech innovation.
Prime Minister David
Cameron:
"This massive investment from Cisco is great news for the UK's
growing digital economy and is a clear vote of confidence in our
long term economic plan. It will create jobs and growth across the
country, providing security for hard working people."
John Chambers, Chairman and
CEO, Cisco:
"We believe the UK is well on its way to becoming one of the top
digitized 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. Since 2011 we have delivered
over and above on every objective we set with government in our
prior commitments - encouraging technology, innovation and
entrepreneurship. Through the British Innovation Gateway
initiative, we have supported the government's ambition to create
world class technology hubs across the country, generate jobs,
diversify the economy and support sustainable growth. Today, we are
pleased to make our next series of strategic commitments, totaling
over $1B, to support the next phase
of the UK's digitization plans."
RSS Feed for
Cisco: http://newsroom.cisco.com/dlls/rss.html
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide leader in IT that helps
companies seize the opportunities of tomorrow by proving that
amazing things can happen when you connect the previously
unconnected. For ongoing news, please go to
http://thenetwork.cisco.com
Cisco and the Cisco logo are trademarks or registered trademarks
of Cisco and/or its affiliates in the U.S. and other countries. A
listing of Cisco's trademarks can be found at
http://www.cisco.com/go/trademarks . Third-party trademarks
mentioned are the property of their respective owners. The use of
the word partner does not imply a partnership relationship between
Cisco and any other company.
Cisco's Country Digitization Acceleration
strategy is focused on long-term partnerships with national
leadership, industry and academia to deliver real outcomes faster
and more effectively in countries around the world. This
global program aims to accelerate the national digitization agenda
that a country already has in development to grow GDP, create new
jobs and invest in a sustainable innovation ecosystem across public
and private sectors. Cisco brings the full breadth of skills,
technologies, proven processes, know-how and dedication to
accelerate Country Digitization in a meaningful way. Cisco led in
the information age by connecting the world, and our sights are now
set on leading through the digitization of everything.