Cisco (Nasdaq: CSCO) sees the Canadian market as a major target so it has established a 10-year agreement with the Province of Ontario to create new high tech jobs in the region.
Under the terms of the agreement, Cisco said it will add up to 1,700 high tech jobs with a focus on R&D within the first six years.
In addition, the agreement includes a framework with the potential to grow Cisco's total Ontario employee footprint up to 5,000 by 2024. This reflects a potential total investment of up to $3.78 billion, including $2.08 billion in salaries alone.
Ontario will provide up to $208 million in support of the total initiative.
This job creation drive comes at a time when Cisco has been expanding its presence in Ontario via investments in university chairs, planning for a new and expanded Toronto headquarters, the Pan Am Games technology infrastructure sponsorship and Smart + Connected community initiatives.
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