Cisco to spend over $1 billion to enter the cloud computing market

Cisco has pledged to spend over $1 billion entering the cloud computing market in order to offer corporate clients the same services as rival firms. The San Jose, CA-based firm is giving itself two years to enter the market. As many companies begin to shift their focus and offer third-party IT solutions for enterprises — rather than only computing systems — Cisco hopes that cloud computing will pave the way to improved future profitability.