Networking powerhouse Cisco Systems announced a $100 million joint venture with China's information technology firm Inspur Group on

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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.

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