Cisco Systems, which hopes to grab a share of the sports industry business by providing network technology to stadiums, has signed up to be a sponsor of the 2012 Olympics.
London Olympics officials announced Friday that the San Jose networking giant will replace bankrupt Canadian technology sponsor Nortel Networks. Nortel, as a "tier one" sponsor, had committed $65 million in cash and services. Cisco, on the otherhand, will be a "tier two" provider, which means the company will kick in about $20 million less, according to organizers, The Associated Press reported.
Nortel is in the process of selling off its different business units. Nokia Siemens Networks agreed to buy some of the company's wireless operations.
"We continue on a path to deliver the most connected Games possible. We part with Nortel on good terms," London 2012 CEO Paul Deighton said in a statement.
Organizers hope to raise as much as $1.13 billion in sponsorships. So far, it has commitments of nearly $810 million.
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