Bank of America (NYSE: BAC) plans to buy 200 teleconferencing setups from Cisco Systems Inc (NASDAQ: CSCO) by the end of the year.
Cisco, based in San Jose, CA has aggressively developed what it refers to as a “telepresence” technology which involves high-definition video and audio links as well as data exchange for its business meetings. Currently Cisco is moving to buy Norway’s Tandberg ASA to expand its power in the market.
Charlotte, N.C. based Bank of America will use the conference systems to give its workers “a world-class virtual meeting capability.”
The company’s new conference rooms will be setup in two styles, one for six people and another for 18 people.
The deal between the two companies includes a managed services agreement, meaning that Cisco will largely take care of the maintenance and upkeep related to the systems.
No prices were released by either company, but telepresence setups from Cisco can cost upwards of $250,000.
