Hungarian telecommunications company Magyar Telekom and U.S. computer-networking company Cisco Systems agreed on Tuesday to establish a joint, HUF 50m (EUR 190,058) innovation center in Budapest, the business daily Napi Gazdasag reported on Wednesday.
The innovation center, which will focus on development and testing of IP network solutions and virtual data-center technology for corporate users, will open at the beginning of the summer at the location of Magyar Telekom’s system-integrations unit, KFKI.
Magyar Telekom and Cisco will split the cost of the investment evenly.
Magyar Telekom President-CEO Christopher Mattheisen told the newspaper that the center’s initial developments would likely be introduced to Hungary’s business-communications market this year.