Cisco announces investment in venture capital fund to focus on Russia and CIS
July 2, 2008
SAN JOSE, Calif. -- Cisco (NasdaqGS:CSCO - News) today furthered its strategy of investment in the Russian technology industry with the announcement of an anchor investment in a venture capital fund that will focus on Russia and the Commonwealth of Independent States (CIS). In collaboration with Almaz Capital Partners, Cisco has made the anchor investment in Almaz Capital Russia Fund I, L.P. (to be informally called 'Almaz Capital / Cisco Fund I'), which has initially closed at $60 million.
Almaz Capital Partners will seek investment opportunities and manage the fund's investments. The target companies for the fund primarily include high-growth small and medium-sized companies in the technology, media, and telecommunications sectors. Cisco will pursue investment opportunities in technology-related start-ups in the region, both directly as well as indirectly through this regional venture fund.
"Today's announcement underscores Cisco's recognition of the innovation and potential that the Russia technology market offers," said Paul Mountford, president of Emerging Markets for Cisco. "As part of its globalisation strategy, Cisco's intention is to strengthen links to key centers of innovation. The growing number of start-ups originating from the region is reflective of the growing importance of the technology sector to Russia's continued socio-economic development and competitiveness."
Cisco Systems Inc. (Nasdaq: CSCO)
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