Following the announcement in May that Cisco has sold its Service Provider Video Software Solutions business to global private equity firm Permira Funds, the new company has been renamed.
The company will now trade as Synamedia. “Syna” means “together” in Greek, which the company says reflects its ambition to bring together broadcast and OTT media services and enable clients to deliver exceptional customer experiences
The transaction is expected to close in the first half of Cisco’s FY19.
Synamedia will be officially unveiled to the market at IBC2018, when incoming chairman, Dr Abe Peled, and incoming CEO, Yves Padrines – will outline the new company’s vision and plans.
“Synamedia enters the market at a time when the TV landscape is being redrawn. Building on a 30-year heritage in the pay-TV industry, a market leadership position, and an unrivalled reputation for innovation, we will hit the ground running as a private, independent entity committed to help customers boost engagement and revenues by capitalising on the myriad opportunities that IP distribution and cloud-based services bring,” said Peled.