Cisco to buy wireless smart grid firm

Network equipment maker Cisco is buying start-up Arch Rock for an undisclosed sum as it aggressively moves to expand in the growing smart grid market. The news of the acquisition comes a day after the networking giant said it was teaming up with smart meter maker Itron Inc to develop a communication platform for smart grids. Modernizing the aging grid and deploying smart grid technologies is a market that is forecast to grow to $200 billion over the next five years, according to Pike Research. The market was valued at $21 billion last year. An infusion of federal funds into updating the electricity supply chain has also helped in growing the market for smart grid technologies.