Cisco Systems, Inc. (NASDAQ:CSCO) and Telenor Group CEO signed a Joint Purpose Agreement 2.0 during the Mobile World Congress in Barcelona. Under the terms of the agreement, the two partners will collaborate on many innovative projects including cybersecurity, cloud, and research on the Open Virtualized RAN (vRAN) solutions for 5G networks.
Partner’s stock performance
Through the mutually benefiting projects, the partners hope to strengthen their stocks and increase their revenue. According to the data from the recently ended market day, Cisco closed the day at $50.63 down 0.49% from the opening stock.
According to Cisco Chairman and Chief Executive Officer, Chuck Robbins Telenor group shares their vision of continued digitization the reason they are collaborating to develop innovative solutions that would benefit both their customers.
On his part, Sigve Brekke, President & CEO of Telenor Group said that “we`re happy to further enhance our collaboration with a key technology partner such as Cisco for solutions within cybersecurity, cloud and Open vRAN for 5G.”
Brekke noted that they are already collaborating on other innovative solutions that will probably deliver meaningful results in terms of speed, reliability, efficiency and secure connectivity to their customers. Brekke was referring to a strategic agreement both parties signed back in February 2018 to collaborate on the Internet of Things (IoT), developing Smart cities, system security, and Data Analytics.
The agreement signed precisely one year ago tasked the two partners with the responsibility of developing a model smart city exploration in Norway. The model city is expected to utilize IoT for safety and connectivity. The Background of their collaboration is the digitization of societies, which the partners agree necessitated forming alliances and leveraging on each other’s abilities.
The partners agreed to form a committee that will oversee the proceedings of the collaboration. Ruza Sabanovic, CTO in Telenor Group and Jonathan Davidson, Senior Vice President and General Manager at Cisco were appointed to chair the governing committee. The primary goal of the committee is to streamline deliveries of the shared objectives believed to be of mutual benefits to both parties.