Cisco announces a $100 million joint venture with China's Inspur Group

Networking powerhouse Cisco Systems announced a $100 million joint venture with China's information technology firm Inspur Group on Wednesday during Chinese President Xi Jinping's visit to a U.S.-China tech summit in Seattle. The deal, which includes reselling Cisco networking gear and jointly developing a broad spectrum of software and hardware, is part of a $10 billion China investment initiative announced by the San Jose networking giant in June. Inspur, headquartered in Jinan, China, will have a 51 percent stake in the new venture.