Cisco will invest $1 billion to spur digital economic growth in UK
Networking giant Cisco has committed to investing US $1 billion to support digitization plans in the UK over the next three to five years.
The investment will include a combination of job creation and education programs, startup and venture capital investments, and accelerated investing in cybersecurity solutions.
On the education front, Cisco will extend its Networking Academy alongside expansions to its apprenticeship program. Cisco is reserving $150 million in venture capital equity for startups -- particularly those that focus on IoT. Capital will also be made available for more strategic acquisitions.
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The UK is Cisco's second largest market behind the Americas, with up to 7,000 employees throughout the region. The company intends to expand further, however, doubling its Central London footprint with more office space, and creating over 200 new jobs.
"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," Cisco CEO John Chambers said in a statement.
Cisco announced the investment following a meeting between Chambers, UK Prime Minister David Cameron, business secretary Sajid Javid, incoming Cisco CEO Chuck Robbins and Cisco UK and Ireland chief executive Phil Smith.
In all likelihood, the announcement will be one of the last for Chambers, who ends his 20-year run as CEO on July 26.
Cisco says today's investment is the second significant round of activity for the company in the UK, following the $500 million commitment it made in 2011.