At Cisco (NASDAQ: CSCO) customers come first and an integral part of our DNA is creating long-lasting customer partnerships and working with them to identify their needs and provide solutions that support their success. The concept of solutions being driven to address specific customer challenges has been with Cisco since its inception.
Cisco has a proven track record of successfully capturing market transitions. Beginning in 1997 with the reality that Voice and Video would all be one, moving to the Networks of Networks in 2000 and the Network becoming the platform for all related technologies and the core of customer solutions, and the most recent market transition of Collaboration and Web 2.0 technologies.
Over time, Cisco has evolved from Enterprise and Service Provider solutions to addressing customer needs in many other segments including Small, Consumer and Commercial. The network has truly become the platform for providing one seamless, transparent customer experience. As a result, Cisco and Cisco technology is changing the way we work, live, play and learn.
Cisco is committed to innovation and research and development is a core component of our corporate culture. Cisco spends nearly $5.3 billion a year in R&D, making us one of the top R&D spenders in the world. When looking at R&D as a percentage of revenue Cisco matches or exceeds industry peers and secures our commitment to innovation.
Cisco understands the importance of partnering with best-in-class providers to ensure customers receive support and solutions of the highest standard. Our partnerships are based on mutual benefits and long-term commitments. We consider our partners to be an extension of Cisco