Chinese cloud computing and big data services provider Inspur Group and US technology multinational Cisco have formed a joint venture (JV).

With an initial investment of $100 million, the JV will develop Internet technology that will serve business areas including information infrastructure, cloud computing, smart cities and metadata, said Inspur Chairman Sun Pishu on Wednesday.

The formation of the JV follows an agreement signed by the companies in Seattle in September 2015. Inspur will take a 51 percent stake in the JV and Cisco 49 percent.