Cisco will invest $100 million in 10 years in Internet of Everything Innovation (IoE) center in Toronto which was identified as one of four global locations.
The enterprise IT vendor said the remaining three centers include Songdo, South Korea; Rio de Janeiro, Brazil; and Germany.
Cisco said the $100 million investment will be in design and infrastructure, technology, staffing and operational costs over the next 10 years.
The company did not share investment plans for other three centers.
Recently, Cisco announced its plans to invest around $4 billion over 10 years to expand Cisco’s footprint in Ontario and create up to 1,700 new jobs.
The decision to locate in Canada’s largest city reflects Cisco Canada’s expertise in working with municipalities, and the Canadian construction and real estate industries.
Innovation Centre will help start-ups, established companies, and entire industries explore what is possible with Cisco technologies and Smart+Connected solutions, while fostering Canadian-based innovation.
The Innovation Centre will help companies and government agencies capitalize on the opportunities presented by the Internet of Everything — an opportunity estimated to be worth $19 trillion over the next decade (2013-2022), and including approximately $500 billion in Canada.
Rob Lloyd, president, Development and Sales, Cisco, said: “Cisco Innovation Centers help accelerate and catalyze IoE opportunities for our customers by developing expertise and partnerships in key verticals.”
