Lerner and Bosack initially tried to sell the internet-working technology that Bosack had developed to existing computer companies, but none were interested. They then decided to start their own business, Cisco Systems, based on this technology.
Cisco was officially incorporated on December 10, 1984 in California and went public on February 16, 1990. In addition to Bosack, Lerner and Lougheed, Greg Satz, a programmer, and Richard Troiano, who handled sales, completed the early Cisco team. The company’s first CEO was Bill Graves, who held the position from 1987 to 1988.
In 1985 Cisco sold its first product, a network interface card for Digital Equipment Corporation’s computers. A year later, Cisco was selling $250,000 worth of routers per month. Sales for the fiscal year ending July 1987 were $1.5 million, and the company had only eight employees at the time.
At the end of fiscal 1989, less than four years since its formation, Cisco reported revenues of $13.90 million on sales of $69.7 million. Employee numbers had grown the 254.
In 2006 Cisco introduced TelePresence, an elaboration of videoconferencing that is intended to allow people in different locations to interact as if they were in the same place.
On February 16, 1990, Cisco Systems went public (with a market capitalization of $224 million) and was listed on the NASDAQ stock exchange.
Cisco's fastest-growing business is its Cybersecurity unit. Cisco has been aggressively expanding that business through big investments and acquisitions.
History of Cisco Systems
