Cisco commits $1bn to accelerate UK digital economic growth
09 July 2015
Projects include investments in education and skills, an extension of Cisco's 'BIG' programme and investments in Internet of Everything start-ups.
Following a meeting today at No.10 Downing Street between 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 more than $1bn over the next three to five years. The investment will support the next phase of the UK's digitization plans.
This second significant round of activity in the UK follows the $500m commitment made by Cisco in 2011, which Cisco says has contributed in excess of $5bn in technology and manpower to the UK economy through initiatives such as the British Innovation Gateway (BIG).
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.
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 UK-wide network of innovation centres, established via the BIG initiative, which includes IDEALondon, the National Virtual Incubator network and CREATE.
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.