Initially attempting to market their internet-working technology to existing computer companies, Lerner and Bosack encountered disinterest. Consequently, they decided to establish their venture, Cisco Systems, based on this groundbreaking technology. Officially incorporated on December 10, 1984, in California, the company went public on February 16, 1990. The early team comprised Bosack, Lerner, Lougheed, Greg Satz (a programmer), and Richard Troiano (handling sales), with Bill Graves serving as the company's inaugural CEO from 1987 to 1988.
In 1985, Cisco achieved its first sale by offering a network interface card for Digital Equipment Corporation's computers. Within a year, the company was generating $250,000 monthly from router sales. By the conclusion of the fiscal year in July 1987, Cisco's sales amounted to $1.5 million, with only eight employees at that time.
In under four years since its inception, Cisco reported impressive figures at the end of fiscal 1989, with revenues reaching $13.90 million and sales totaling $69.7 million, and the employee count growing to 254.
On February 16, 1990, Cisco Systems went public on the NASDAQ stock exchange, boasting a market capitalization of $224 million. Over the years, Cisco diversified its offerings, introducing innovations such as TelePresence in 2006, an advanced form of videoconferencing enabling remote interaction.
In recent times, Cisco's Cybersecurity unit has emerged as its fastest-growing business, characterized by significant investments and acquisitions, illustrating the company's dedication to remaining at the forefront of the technology industry.
Cisco's Growth and Innovation
