Permira Funds has appointed Yves Padrines as incoming CEO of the new company being created from Cisco’s Service Provider Video Software Solutions (SPVSS) business.
Padrines will join from Cisco where he served as vice president of Global Service Provider for Europe, Middle East, Africa and Russia. There he was responsible for all Cisco products and services business for major telecommunications, mobile and cable operators, broadcasters and media companies as well as cloud and managed service providers.
Dr Abe Peled is senior Adviser to Permira and incoming chairman of the new company, who worked with Padrines at NDS between 2004 and 2012.
The new company will take over product lines including Cisco’s Infinite Video Platform, cloud digital video recording, video processing, video security, video middleware, and services groups.
“I am delighted and looking forward to working again with Dr Abe Peled and Permira on this unique opportunity to help the company’s major DTH and Cable service provider customers embrace IP distribution to complement and expand consumer choice and convenience, as well as the company’s Telco customers and new entrants to Pay-TV take advantage of the new IP enabled distribution opportunities,” said Padrines.
“I am thrilled and looking forward to be working again with Yves, upon the closing of the transaction,” Peled added. “Yves is well known to many of the company’s major customers and is well positioned to ensure a smooth transition for Cisco’s service provider customers who will also become the new company’s video customers.
Terms of the deal, which is expected to close in the summer, have not been announced, but are believed to be in the region of $1 billion.