Cisco, Ericsson in Network Partnership

Sweden's mobile equipment maker Ericsson and U.S. networking company Cisco Systems said on Monday they had agreed on a business and technology partnership expected to generate revenues of $1 billion for each company by 2018.

Ericsson and Cisco said in a statement they would together offer routing, data center, networking, cloud, mobility, management and control, and global services capabilities.

"The strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1 billion or more for each by 2018," Ericsson said in a statement.

Ericsson also said it would continue to explore further joint business opportunities with Cisco.

(Reporting by Olof Swahnberg; editing by Niklas Pollard)