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Cisco joins cloud computing race with $1 billion plan: WSJ

24
Mar
2014

(Reuters) – Cisco Systems Inc plans to offer cloud computing services, pledging to spend $1 billion over the next two years to enter a market currently led by the worlds biggest online retailer Amazon.com Inc, the Wall Street Journal reported. Cisco said it will spend the amount to build data centers to help run the new service called Cisco Cloud Services, the Journal reported. Cisco, which mainly deals in networking hardware, wants to take advantage of companies desire to rent computing services rather than buying and maintaining their own machines. Enterprise hardware spending is dwindling across the globe as companies cope with shrinking budgets, slowing or uncertain economies and a fundamental migration to cloud computing, which reduces demand for equipment by outsourcing data management and computing needs.

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