TORONTO, ON--(Marketwired - Mar 5, 2014) - Cisco (NASDAQ: CSCO) today announced that Toronto has been selected as the location for one of four global Cisco® Internet of Everything Innovation (IoE) Centres, representing a planned investment of up to $100 million over 10 years.
The decision builds on Cisco's recent investments in Canada including:
- Up to $4 billion over 10 years to expand Cisco's footprint in Ontario and create up to 1,700 new jobs;
- Multimillion dollar investment to establish research chairs, professorships and innovation centres at 10 universities across Canada; and
- Signing on as a Premier Partner in the 2015 Pan Am/Para Pan Am Games.
Toronto will join Songdo, South Korea; Rio de Janeiro, Brazil; and Germany as one of four centres announced worldwide. The decision to locate in Canada's largest city reflects Cisco Canada's demonstrated thought leadership and expertise in working with municipalities, and the Canadian construction and real estate industries.
Focusing on technologies and market opportunities surrounding the Internet of Everything, the 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.
This North American hub for thought leadership and experimentation will bring together start-ups, technology and services partners, academia and customers to rethink and transform the status quo, while continuing Cisco's tradition of making IT relevant to decision makers and business leaders.
The Toronto IoE Innovation Centre, which represents a $100 million investment in design and infrastructure, technology, staffing and operational costs over the next 10 years, will occupy approximately 15,000 square feet of space in the Oxford Properties' new RBC WaterPark Place, scheduled for completion in spring 2015. RBC WaterPark Place, positioned to be North America's smartest office tower, will also be home to Cisco's new Canadian headquarters. The building will be the first commercial office tower in North America to take advantage of a fully integrated IP-based building and energy network.
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.
Norm Kelly, Deputy Mayor, City of Toronto:
The new Cisco Innovation Centre at RBC WaterPark Place will reaffirm Toronto as an information and technology leader. This new facility will make Toronto an even better place for entrepreneurs and innovators to do business. It will also position Toronto as a unique tech hub that will allow companies to harness Cisco's expertise and leverage their IoE market opportunity.
Dr. Eric Hoskins, Minister, Economic Development, Trade and Employment, Province of Ontario
With the announcement of this Cisco Innovation Centre for Toronto, Cisco continues to demonstrate its confidence in -- and commitment to -- Ontario. We welcome this facility as testament to the innovative resources and creative thinkers we are drawing to Ontario. This facility further cements Ontario's position as a global leader in high-tech and innovation.
Rob Lloyd, President, Development and Sales, Cisco:
The Internet of Everything is a $19 trillion global opportunity over the next decade -- including almost $500 billion available to Canadian private and public-sector organizations. Today, much of that opportunity is left on the table. Cisco Innovation Centres help to accelerate and catalyze IoE opportunities for our customers by developing expertise and partnerships in key verticals. Cisco Canada has become a leader in Smart+Connected Communities development and the establishment of this IoE Innovation Centre is further testament to Cisco's ongoing investment in Canada, Ontario and Toronto.
Nitin Kawale, President, Cisco Canada:
Innovation Centres are a key pillar of our strategy to impact the productivity and innovation trajectory of Canada. The Internet of Everything is not only changing the world, but creating new opportunities. Connecting the unconnected has the potential to bring revolutionary change to industries, including: healthcare, education, municipalities, transportation and construction. With this IoE Innovation Centre, Cisco aims to help create new markets and solutions and establish a hotbed for experimentation.
Michael Kitt, Executive Vice President, Oxford Properties
On completion, RBC WaterPark Place will be one of the smartest commercial office buildings in North America, with its LEED Platinum rating, a cutting-edge building network and market leading intelligence and innovation. These qualities make it the natural home for Cisco's Innovation Centre. Our relationship with Cisco, both as a forward-thinking tenant and as a thought-leader in smart buildings, continues to help inform our approach to offering next generation office environments. We commend Cisco on their commitment to innovation and to the City of Toronto.
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