Cisco Chairman and CEO John Chambers, incoming Cisco CEO Chuck Robbins and Cisco UK and Ireland CEO Phil Smith announced $1 billion investment in the U.K. over the next 3-5 years to support the next phase of digitization plans.
In 2011, Cisco announced $500 million investment in U.K.
Cisco has already contributed in excess of $5 billion 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.
Cisco will invest $150 million for Internet of Everything start-ups in the U.K. and venture capital equity investments. Focus will be on applications of Internet of Everything (IoE) technologies across the financial technologies, retail, and healthcare industries, and smart city development.
The enterprise networking vendor will make strategic acquisitions in the UK, which over the past five years has included acquisitions in wireless software, next-generation video delivery, and cloud-based security technologies.
Cisco will further its UK-based Cisco Networking Academy education program to promote innovation and entrepreneurship.
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 office before the end of 2015, and the creation of over 200 new high-value jobs.
John Chambers, chairman and CEO, Cisco, said: “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 programs and continue our deep commitment to partnering with the UK government.”