Cisco Systems will invest 1 billion reais (US$547.4 million) to build an innovation and technology center in Rio de Janeiro, the Estadao reported.

The new business unit will develop technology solutions geared specifically to Brazilian needs. The heavy investment will be made over four years and, according to sources, may exceed the R$1B limit and also include other projects such as the expansion of production capacity and the opening of a venture capital fund.

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