In an interesting bit of M&A this morning, Nokia has sold off a piece of itself with a familiar pedigree. The Finnish giant has entered into an agreement to sell its IP Video business to Toronto-based Volaris Group.
That business will become Velocix, and will function as an ‘independent pure play streaming technology company’ under Volaris Group’s umbrella. Of course, the name Velocix is not new. Once upon a time it was a standalone CDN player challenging the status quo with a deal with Verizon until it was bought out by Alcatel Lucent, which was of course absorbed into Nokia a couple years ago.
Now what has become of that heritage will apparently claim back its name and operate independently. Nokia will remain as a minority shareholder and become a channel partner for Velocix. Financial terms were not disclosed.
If you haven't already, please take our Reader Survey! Just 3 questions to help us better understand who is reading Telecom Ramblings so we can serve you better!Categories: Mergers and Acquisitions · Telecom Equipment · Video