Cisco Announces Venture Capital Initiative in Russia
Launches initiative with first investment, Russian e- commerce site Ozon
SAN JOSE, Calif., MOSCOW, Russia April 3, 2007 - Cisco Systems® (NASDAQ: CSCO) today announced a venture capital initiative targeting the technology industry in Russia. Cisco will pursue direct investment opportunities into technology-related start-ups as well as investments into local venture capital teams targeting the technology industry. Last year, in anticipation of this investment initiative, Cisco hired a full-time investment manager based in Moscow.
To launch the initiative, Cisco also announced that it has made an investment in a leading Russian e-commerce site, Ozon. With tens of thousands of book, movie and music titles on offer, Ozon is helping to shape the future of consumer e-commerce in Russia.
Further details of the deal were not disclosed.
"While Russia has low Internet penetration in terms of percentage of its overall population, in absolute terms it has as many Internet users as some Western European countries," said Bob Agee, vice president, Cisco Russia. "The amount of technical talent in Russia shows that the country is ready to become more technologically advanced. Increased investment in communications infrastructure can help improve productivity, diversify the economy and increase the standard of living across the country."
"Our venture investment in Russia is a continuation of a global strategy that we've implemented in Europe, Israel, China and India, which is to invest in local start-ups and venture teams and help promote the growth of a local innovation economy," said Hilton Romanski, director, global corporate business development. "Ozon is the first in what we hope will be an expanding venture relationship between Cisco and Russian entrepreneurs and investment partners."
Over the past decade, Cisco has deployed over $1 billion in venture capital funds. Through a combination of direct and indirect funding vehicles, Cisco is a strategic investor in start-ups and funds around the world and focuses on finding and investing in companies that have innovative technologies and business models.
About Cisco Systems
Cisco, (NASDAQ: CSCO), is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com.
Cisco, Cisco Systems, and the Cisco Systems logo are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
Most Recent NewsCisco Delivers One of World's Largest Wi-Fi Networks at 2014 Mobile World Congress
Today, 10:30 AM
Out of the Corner Office, Into Every Office: Cisco Sets the New Bar for Enterprise Collaboration With Products Capable of Completely Changing How Team
Today, 05:00 AM
Technology Enters the Iditarod Race