Partners will have the option of selling the services under Cisco name or co-brand it.

"The timing is right for Cisco and its partners to invest in a groundbreaking, application-centric global Intercloud to provide broader reach and faster time to market," Earle said.

Cisco will also expand its cloud services portfolio, which includes SaaS offerings like WebEx and Cisco Cloud Web Security and differentiated cloud services such as hosted collaboration and cloud DVR.

The California-headquartered firm built its fortunes of over $ 49 billion in revenues, largely selling networking equipment.

For the second quarter ended January 25, 2014, Cisco's net income fell 54.5 percent to $ 1.4 billion, while its revenues declined 7.8 percent to $ 11.2 billion compared to the same quarter in the previous fiscal.

The present move by the networking giant is an indication of the strong traction that new technologies like cloud and mobility are gaining as clients move from a capex to opex model, investing on services rather than on owning hardware at huge costs. Its biggest competitor in this space would be Amazon's Web Services.

Asked about the revenue potential, Earle said it is early days to comment but there are significant opportunities in sectors like government, financial services and the small and medium businesses.

Talking about the emerging countries and the Indian market, he said the opportunity is huge as "there is no legacy infrastructure" and companies, especially the small and medium ones, want to move to the cloud to optimize costs and improve efficiency.

On the role of Wipro, Earle said the Bangalore-based firm will act as a "builder" to offer cloud services and reduce the cost of ownership for customers in the country.

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