Mobile equipment maker Ericsson and U.S. networking company Cisco Systems Inc said on Monday they had agreed a business and technology partnership that should generate additional revenues of $1 billion for each company by 2018.
Ericsson, whose like-for-like sales are down 7 percent so far this year and were roughly flat over the previous three years, said the partnership means new areas of revenue as it will boost its addressable market, mainly in professional services, software and the resale of Cisco products.
“We are the wireless No. 1 in the world,” Ericsson Chief Executive Hans Vestberg told Reuters.
