service provider, and Cisco (NASDAQ: CSCO) announced today a global strategic collaboration to bridge the IT and communications markets. The collaboration, which combines KT's communications infrastructure and expertise with Cisco® networking and communications innovations, is based on an extensive relationship which spans across Smart+Connected Communities, business to business (B2B) services, and cloud computing.

The first initiative of this strategic collaboration is a minority investment from Cisco in kc smart service Co. (kcss), a KT subsidiary, which will offer managed services for smart buildings and smart city projects. kc smart service is expected to be fully operational by January 2012. The companies have executed agreements that establish the framework for their collaboration, enabling kc smart service to have the ability to incorporate the technologies and tools of KT and Cisco.

KT chairman and CEO President Suk-Chae Lee said: "This isn't a one-off release or consulting partnership, but a way of developing a long-term cooperative business model, which is by far the more meaningful. Through this project, KT's core aim is not just the commercialization of smart space solutions, but the accumulation of business experience and the fostering of talented human resources and many other goals in other business fields also that can be accomplished through the strengthening of our global competencies."

Cisco chairman and CEO John Chambers said via Cisco TelePresence®: "Cisco and KT have a long history of collaboration, and we share a common belief that the network is the foundation for the development of smart buildings and smart cities.