Nokia has agreed to sell its IP Video business to Volaris Group, a Toronto-based software company.
Nokia’s video product portfolio – including its caching and streaming products, origin and storage technology, and stream personalisation software – is expected to move to new company, Velocix.
The new business will operate independently within Volaris Group’s Communications and Media portfolio. Nokia will remain a minority shareholder and continue to play a role in supporting the company’s growth. The planned deal is expected to close during Q4 2018, subject to customary closing conditions. Financial details are not being disclosed.
David Nyland, portfolio leader and president, Communications and Media at Volaris, said: “Volaris is truly excited by this pending acquisition of Nokia’s market-leading video streaming portfolio. This planned transaction marks our first investment in the highly dynamic media technology sector and we look forward to using it as a springboard for growth.”
Paul Larbey, head of the IP Video Business at Nokia, added: “We are excited to be part of the new company under the Velocix brand that set out to transform the video landscape back in 2002. Through several acquisitions the name changed, but the purpose remains the same: to enable big changes in the video market, to make video more personal and to enable a highly compelling entertainment experience for consumers on every screen.”
