In the Face of the Coronavirus Pandemic, Cisco Scraps Smart Cities Business
Cisco Systems (NASDAQ: CSCO) is abandoning its efforts to push into a once-promising market. The company has decided to significantly scale back its smart cities products and services division in favor of devoting resources to other company initiatives.
"We recently decided to stop sales and eventually support [for] the Cisco Kinetic for City [sic] product line to align our product investment to evolving market needs and customer requirements," a Cisco spokesman told The Wall Street Journal.
The company's efforts in the sphere got a big boost in 2016 when it acquired privately held Internet of Things (IoT) tech specialist Jasper Technologies in a $1.4 billion deal in 2016. At the time, the buyer said that owning Jasper would "allow Cisco to offer a complete IoT solution that is interoperable across devices and works with IoT service providers, application developers, and an ecosystem of partners."
Source Fool.com
