Cisco bags 200 TelePresence systems order from Bank of America
30 Mar 2010
Cisco, the world's largest networking equipment maker and Bank of America announced yesterday that they had signed an agreement to deploy 200 Cisco TelePresence systems across the bank's global operations by the end of 2010.
The Charlotte, North Carolina-based bank currently uses 28 Cisco TelePresence systems for associate meetings and training.
Although neither Cisco nor Bank of America revealed the financial terms of the transaction, analysts surmise that deal would be worth nearly $40-50 million including services since the cost of Cisco's TelePresence system is approximately $250,000 each.
Cisco TelePresence uses high-definition video and audio to create the experience of face-to-face meetings. People appear life-size around a virtual conference table, where meeting participants feel as though they're sitting in the same room.
The bank will use this innovative technology to enhance associate and team effectiveness by providing the bank's global workforce with a world-class virtual meeting capability.
Bank of America chief technology officer Marc Gordon said deploying Cisco TelePresence will provide the bank with significant, sustainable benefits.