Cisco will invest some $1 billion (around £650 million, or AU$1.34 billion) in the UK’s digital sector over the coming five years as it looks to capitalise on growth in the countries burgeoning startups sector.
Among the investments it will make are $150 million (around £97.68 million, or AU$201 million) in venture capital equity for UK startups, an extension to its NetAcademy scheme and the creation of as many as 250 new jobs in central London by the end of 2015.
The $150 million (around £97.68 million, or AU$201 million) commitment to UK startups will primarily be focused on the Internet of Everything and focus on what Cisco’s release called "key priorities" for both itself and the UK government. This includes using IoE across the financial, retail and healthcare sectors, smart city development, and investments designed to fuel innovation in cybersecurity.
France also being targeted
It is Cisco’s second large investment in the UK economy this decade. Back in 2011, it committed $500 million (around £325 million, or AU$672 million) to the UK that in has, in turn, "contributed in excess of $5 billion (around £3.25 billion) AU$6.72 billion in technology and manpower to the UK economy," according to Cisco.
The UK isn’t the only European country to have benefited from Cisco’s involvement with a similar agreement to today’s one signed with France back in February and it allows Cisco to spend some of its overseas cash reserves without paying taxes back in the US.