Cisco Systems said Thursday that it will invest $1 billion in the United Kingdom over the next three to five years, including money for startups in the Internet of Things.
The money will be used to support the next phase of the U.K. s digitization plans, said CEO John Chambers.
The new funding follows on $500 million Cisco committed in 2011 for training and innovation in the U.K.
The new round of funding will include $150 million for investment in startups. Cisco said it will also invest in cybersecurity innovations.
The commitment will also fund strategic acquisitions in the U.K. In the past five years the San Jose networking colossus has acquired companies in wireless software, video delivery and cloud-based security technologies.
The announcement followed a meeting at 10 Downing Street between Prime Minister David Cameron, Business Secretary Sajid Javid, Chambers and incoming CEO Chuck Robbins and U.K. and Ireland Cisco CEO Phil Smith.
Cameron, in a statement, called the commitment great news for the U.K. s growing digital economy.
Cisco has 7,000 employees in the U.K., and is opening a new state-of-the-art office in Central London this year.
Photo of John Chambers from AFP/Getty Images
