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AAPL Stock: 112.09 ( -0.84 )

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Cisco jumping into cloud computing, paying $1 billion to grow business

updated 10:57 am EDT, Mon March 24, 2014

Capital investment intended to compete against Amazon, Microsoft

Networking company Cisco is commencing an initiative to enter the cloud computing industry. The giant has announced plans to launch Cisco Cloud Services, a program similar to Amazon's distributed offering, with a capital expenditure of $1 billion over the next two years.

The effort is expected to give the company a toe-hold in the market trend towards out-sourcing computing problems that require an intensive computer processing effort. The service will be delivered through partners including Ingram Micro, Australian provider Telstra, and Wipro.

The announcement has not had the effect that the company may have wanted on share price. In a market that has not seen much gain or loss on the day, shares are down to $21.52 per share from an opening of $21.68.




by MacNN Staff

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