LONDON—Cisco’s Service Provider Video Software Solutions (SPVSS) group has been rebranded Synamedia following the completion of its acquisition by equity investment group Permira.

The new company—which Cisco sold to Permira—holds a global portfolio of 590 patents, encompassing Cisco’s Infinite Video Platform, cloud digital video recording, video processing, video security and client software. Synamedia’s global team provides end-to-end video services to customers spanning advisory, delivery, implementation, training, system integration and customer support.

The company boasts a workforce of thousands located primarily in the US, UK, Israel, India, Belgium, China and Canada.

Customers include 200 pay-TV and media customers includes AT&T, Astro, beIN, Bharti Airtel, Charter, China DTH, Comcast, Cox, Disney, Foxtel, Get, Liberty Global, Oi, OSN, Rogers, Sky, Shaw, Tata Sky, Verizon, Viasat and Vodafone.

“While we are in a golden age of TV, our customers face challenges including the rising cost of content, soaring piracy levels, and the impact of large OTT challengers on the market. As an independent entity focused on this sector, we will help our customers optimize their current infrastructure and capitalize on OTT and IP distribution to expand consumer choice and convenience, secure their income and generate new revenue streams,” said Yves Padrines, CEO of Synamedia.

Industry veteran Dave Longaker has been tapped senior vice president and general manager, Americas. Longaker spent two years as Chief Revenue Officer for Rovi/TiVo, where he played a key role in merging TiVo with Rovi.

Permira Funds advisor Dr Abe Peled is chairman of the company.

Cisco has confirmed it has sold its Service Provider Video Software Solutions business to global private equity firm Permira Funds.

Permira says it intends to create a new, rebranded company focused on developing and delivering video solutions for the pay-TV industry.

The new company will include Cisco's Infinite Video Platform, cloud digital video recording, video processing, video security, video middleware, and services groups.

Permira Funds advisor Dr Abe Peled will serve as chairman of the company.

[Read: Cisco Goes For Broke Over Pay TV With NDS Takeover]

Cisco will retain the video and media technology related to its core business in networking, multi-cloud, security, data, and collaboration.

According to Peled, the new company will "have the scale, technology innovation, and world-class team to deliver outstanding go-to-market execution, customer engagement, and new end-user experiences."

"Cisco has built a profitable business in the video space with innovations to capitalize on IP distribution and cloud-based services," Peled said. "These combined assets provide a significant new opportunity for the new company."

The transaction is expected to close in Cisco's Q1 2019, subject to any regulatory approvals and customary closing conditions.