Cisco has sold its Service Provider Video Software Solutions (SPVSS) business to Permira, a private equity firm. Financial details were not disclosed.
Permira Funds aims to create a new, re-branded company focused on developing and delivering video solutions for the Pay-TV industry. Cisco’s Infinite Video Platform, cloud digital video recording, video processing, video security, video middleware, and services groups will be part of the offering.
Abe Peled, former chairman and CEO of NDS and adviser to the Permira Funds, will serve as chairman of the new company.
Cisco will retain the video and media technology related to its core business in networking, multi-cloud, security, data, and collaboration.
Chuck Robbins, chairman and CEO of Cisco, said: “Service providers remain a key customer segment for Cisco, and we look forward to continuing to partner with them to deliver new revenue-generating services and experiences.”
