Cisco is set to invest $1bn in the economy as it looks to fund Internet of Things and digital projects across the UK.
The $1bn will come through a series of strategic commitments over the next 3 to 5 years. The investment will support the next phase of the country’s digitization plans.
It will see Cisco continue to expand on some of its projects such as the British Innovation Gateway, which helps to nurture tech talent.
Cisco will also invest $150m for Internet of Everything UK startups and venture capital equity investments which will focus on key priorities for Cisco and the UK.
These include applications of 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.
John Chambers, chairman and CEO of 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 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 $1bn, to support the next phase of the UK’s digitization plans.”
Prime Minister David Cameron, who met with Chambers and senior Cisco and government figures ealier today, added: “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.”
Cisco currently employs around 7,000 staff in the UK but plans to double its footprint in central London with a new office, which will be house an additional 200 staff, by the end of 2015.