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March 09, 2000|Bloomberg News

Cap Gemini, Cisco in Internet, Telecom Venture: Cap Gemini, Europe's largest computer services company, and Cisco Systems Inc. said they're teaming to sell and service Internet and telecommunications systems, a market where sales are growing 30% a year. Cisco, the world's largest maker of computer networking equipment, will invest $671 million in Cap Gemini and $164 million for a 4.9% stake in the new company, to be based in Paris. Cap Gemini will contribute 4,600 people, or 12% of its work force, and will hold 95% of the venture. The venture, aimed at European telephone companies and Internet service providers, will pair two of the fastest-growing companies serving Web-based businesses. After establishing itself in Europe, the new company will move into the U.S. and Asia, Cap Gemini and Cisco said. San Jose-based Cisco closed up 31 cents at $132.38 on Nasdaq.

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