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. Last Updated: 07/27/2016

Cisco Invests in KPMG

NEW YORK -- Cisco Systems, a leading maker of computer networking equipment, has agreed to invest $1 billion in KPMG LLP to aid the accounting and consulting firm's expansion onto the Internet.

Cisco will buy a 19.9 percent stake in KPMG's new unit, called KPMG Consulting, which wraps together KPMG's consulting operations in North and South America and parts of Asia.

In the deal announced Monday, KPMG will use the money to hire 4,000 engineers and service professionals to develop and deliver Internet-based data, voice and video services to its clients.