Cisco joins cloud computing race with $1B plan

Cisco Systems Inc. plans to offer cloud computing services, pledging to spend $1 billion over the next two years to enter a market currently led by the world's biggest online retailer Amazon.com Inc.

The money would be spent on building data centers and launching the new service called Cisco Cloud Services, according to Reuters.

Cisco, which mainly deals in networking hardware, wants to take advantage of companies' desire to rent computing services rather than buying and maintaining their own machines.

Read more from Reuters.