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Cisco's Service Provider Video Software Solutions Business Sold

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.