SAN JOSE, Calif. and INCHEON, South Korea – July 4, 2011 – New Songdo International City Development LLC (NSIC) and Cisco today announced agreements that form important milestones in the development of Songdo International Business District, a 1,500-acre new city on the coast of Incheon, South Korea. Songdo IBD is being developed by NSIC, a joint-venture between American developer Gale International and Korean construction firm POSCO E&C, under the governance of the Incheon Free Economic Zone Authority.
Under the first agreement, Cisco has agreed to invest in U.Life Solutions, together with Songdo U.Life LLC, a company previously formed by NSIC and LG CNS. Songdo U.Life will retain majority ownership in the new company, with Cisco holding a minority stake. U.Life Solutions will deliver Smart+Connected Communitymanaged services to businesses and residents in Songdo IBD.
The second agreement will see NSIC integrate Cisco® products and technologies into new construction projects in Songdo IBD and paves the way for Cisco to establish a Global Showcase for Smart+Connected Communities that will ultimately be located in the Northeast Asia Trade Tower. The center will be a dynamic showcase for technologies and applications for smart cities built on the experience of Songdo IBD.
Cisco's investment in U.Life Solutions represents a significant milestone in Cisco's vision of building Smart+Connected Communities by using the network as the platform to deliver innovative services. U.Life Solutions will deliver a wide range of managed smart-city services to organizations and residents living and working in Songdo IBD, including integrated building and facility management, on-premise safety and security, home networking, and virtual concierge services. Cisco's investment of USD 47 million announced today underpins the company's commitment to both agreements.
U-Life Solutions will deliver the managed smart-city services over the Cisco Unified Service Deliveryplatform, the single integrated solution unifying data centers, computing resources, video, collaboration and communications for Songdo IBD.
Beginning this year, U.Life Solutions will start deploying Smart+Connected Community Home Solutions that comprise advanced home networking systems and Cisco TelePresence®, a next-generation video conferencing technology. With this solution, residents will be able to conveniently control lighting, air conditioning/heating systems, gas, curtains and all other home devices using touch-screen wall pads, mobile remote controllers and even smartphones, computers and tablet devices. The Cisco TelePresence unit will enable real-time video communication and provide a window not just to family members, but also to a host of service providers such as schools, banks and the government.