Cisco Bets Big On Brazil

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With the 2014 World Cup and the 2016 Olympic SummerGames coming to Brazil, US-based Cisco is investing $545 million over the next four years.

According to one report, Cisco plans to capitalize on the global attention on the world soccer championships and the Olympics by building a technology center in Rio de Janeiro to help boost its manufacturing capacity.

The center will focus on developing IT products and solutions for the sports, entertainment, security and oil industries, Cisco announced.

“We expect it to be an innovation center capable of becoming an ecosystem for the digital economy,” Cisco Brasil chief Rodrigo Abreu told the Latin American Herald Tribune. “The technology solutions will be specific for the Brazilian market.”

Cisco also plans to create a fund, topping just under $30 million, to help develop new Brazil-based tech companies, the report said.