From the Toronto Star
Cisco Systems Inc. says it has selected Toronto as one of four global research centres and plans an investment of up to $100 million in infrastructure, staffing, technology and operational costs in the city over 10 years.
Toronto will join Songdo, South Korea; Rio de Janeiro, Brazil and another unnamed city in Germany as among its regional innovation hubs, the networking gear maker announced Tuesday
It said the Toronto Innovation Centre will help companies and government agencies capitalize on opportunities created by the so-called Internet of everything, a phrase that refers to the interconnection of products such as cars and appliances over the web.
Cisco estimates the Internet of everything market will be worth $19 trillion over the next decade and about $500 billion in Canada.
In December Cisco said it would invest up to $4 billion over 10 years to expand its footprint in Ontario and create up to 1,700 new jobs. It said the innovation investment represents an additional commitment.
The Toronto Innovation Centre will occupy 15,000 sq. ft. of space in the Oxford Properties’ new RBC WaterPark Place, scheduled for completion in spring 2015.
WaterPark Place 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.