Contact Information: Press Contact: Ron Piovesan Cisco Systems, Inc. 408 527-0287 rpiovesa@cisco.com
Cisco Announces Venture Capital Initiative in Russia
Launches Initiative With First Investment, Russian e-Commerce Site Ozon
| Source: Cisco Systems, Inc.
SAN JOSE, CA and MOSCOW -- (MARKET WIRE) -- 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.
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