12-13-13 10:00 AM EST | Email Article
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TORONTO, ON -- (Marketwired) -- 12/13/13 -- Cisco (NASDAQ: CSCO) -- Premier Kathleen Wynne and Cisco Canada President Nitin Kawale announced today an agreement that aims to significantly accelerate Ontario's status as a leader in technology innovation and key player in the global research and development landscape.

Cisco and the Province of Ontario have signed a 10-year agreement. Under the terms of the agreement, Cisco is focusing on adding up to 1,700 high tech jobs with a focus on R&D within the first six years. The agreement also includes a framework with the potential to grow Cisco's total Ontario employee footprint up to 5,000 by 2024, reflecting a potential total investment of up to $4 billion, including $2.2 billion in salaries alone. The Province of Ontario will provide up to $220 million in support of the total initiative.

This new initiative builds upon Cisco's growing presence in Ontario, including investments in university chairs, planning for a new and expanded Toronto headquarters, the Pan Am Games technology infrastructure sponsorship, and Smart + Connected™ community initiatives. With this partnership, Cisco looks to harness Ontario's skilled workforce, renowned educational institutions and competitive business climate.

The agreement with Cisco supports the Province of Ontario's focus on economic development and job creation. By partnering with Cisco, the province demonstrates a strong commitment to fostering innovation and, through research and development, bringing new technology to market.

Ontario and Cisco fully intend to continue focusing on initiatives to help Ontario realize a transformational vision, increase productivity, and drive world-class innovation and sustainable economic development.

Supporting quotes:

Kathleen Wynne, Premier of Ontario:
"Our plan to create jobs and grow the economy is focused on smart, forward-looking investments that build on Ontario's strengths. Today's announcement is about supporting our talented technology workers. Together, we're going to show the world what Ontario can do."

Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment:
"Cisco's investment positions Ontario as an undisputed leader in the global tech industry. We're sending a message to the world that Ontario is the best place anywhere for business to innovate, grow and create jobs. Today's investment and the jobs it will create are part of our plan to create opportunity today and for the long-term."

Rob Lloyd, President, Development and Sales, Cisco:
"Canada continues to be one of Cisco's best success stories globally. Cisco has invested in retaining and growing our employee footprint here in Ontario, particularly in R&D jobs. Today's announcement with Premier Wynne is another milestone in driving our business in Canada and a testimony to our very positive relationship with the Province of Ontario."

Nitin Kawale, President, Cisco Canada:
"Today marks a significant milestone for Cisco Canada and Province of Ontario. This announcement builds on our existing partnership and our mutual commitment to drive productivity and create new economic opportunities through innovation. Together with the Province we will create, high value jobs that will stimulate the economy. This initiative will also ensure that Ontario continues to be a leader in the information and communications technology industry, with a vast talent pool representing the country's next generation of innovation."

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About Cisco
Cisco (NASDAQ: CSCO) is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen when you connect the previously unconnected. Cisco products and services are supplied in Canada by Cisco Systems Canada Co., a wholly owned subsidiary of Cisco Systems, Inc. For ongoing news, please go to http://thenetwork.cisco.com and http://newsroom.cisco.com/canada.

Contact Information
Karin Scott
Cisco Canada
+1 416 306 7164
kariscot@cisco.com

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Morningstar - 2013/12/13 - Cisco and the Province of Ontario Collaborate to Plan One of the Tech Sector's Largest Job Creation Initiatives
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