Cisco Commits $1bn to Kick-Start UK Digitization Plans

Networking giant Cisco has committed to invest more than $1 billion in multiple digital projects in the UK over the next three to five years. This includes $150m on Internet of Everything (IoE) start-ups.

The agreement follows a meeting held yesterday at No.10 Downing Street and including UK Prime Minister David Cameron and Cisco Chairman and CEO John Chambers. The investment will support the next phase of the UK's digitization plans, and follows a $550m investment made by the company in 2011.

Cisco's $150m pledge for UK IoE start-ups includes applications of related technologies across the financial, retail and healthcare industries, as well as across smart city development. Capital will also be made available for further acquisitions by Cisco in the UK, and funds will be used to further develop the UK-based 'Cisco Networking Academy' education programme, which promotes innovation and entrepreneurship.

Chambers (pictured) comments: '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 commitment to partnering with the UK government. 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 to support the next phase of the UK's digitization plans'.

Web site: www.cisco.com .